Lucid Group (NASDAQ:LCID) Shares Up 1.2% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 1.2% during mid-day trading on Monday . The company traded as high as $2.18 and last traded at $2.12. Approximately 24,690,900 shares were traded during trading, a decline of 72% from the average daily volume of 89,263,328 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LCID shares. Benchmark reiterated a “buy” rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. TD Cowen began coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective on the stock. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock’s 50-day moving average is $2.71 and its 200 day moving average is $2.82. The stock has a market capitalization of $7.12 billion, a PE ratio of -1.75 and a beta of 0.97.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LCID. Public Investment Fund grew its position in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC grew its position in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new position in Lucid Group during the 4th quarter worth $34,123,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.