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

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 1.2% during trading on Monday . The stock traded as high as $2.18 and last traded at $2.12. 24,690,900 shares changed hands during trading, a decline of 72% from the average session volume of 89,263,328 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

Several research firms recently commented on LCID. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Finally, Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

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

Hedge Funds Weigh In On Lucid Group

Several large investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its holdings in shares of Lucid Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock worth $2,654,000 after acquiring an additional 8,023 shares during the last quarter. 111 Capital acquired a new position in shares of Lucid Group in the 4th quarter worth approximately $52,000. Public Employees Retirement System of Ohio lifted its holdings in Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after buying an additional 17,230 shares in the last quarter. Alpine Global Management LLC lifted its holdings in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after buying an additional 4,653 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after buying an additional 504,171 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.