Lucid Group (NASDAQ:LCID) Trading Up 8.3% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 8.3% during trading on Tuesday . The company traded as high as $2.63 and last traded at $2.62. 42,635,550 shares traded hands during trading, a decline of 24% from the average session volume of 55,756,608 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

A number of analysts have commented on the company. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cowen assumed coverage on Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Benchmark restated a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Friday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.69.

Lucid Group Stock Performance

The business’s fifty day moving average is $2.59 and its two-hundred day moving average is $2.73. The stock has a market capitalization of $7.56 billion, a PE ratio of -1.86 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its position in Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock valued at $2,654,000 after purchasing an additional 8,023 shares during the period. 111 Capital purchased a new stake in Lucid Group during the 4th quarter valued at $52,000. Public Employees Retirement System of Ohio lifted its position in Lucid Group by 5.3% in the fourth 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 during the last quarter. Alpine Global Management LLC lifted its position in Lucid Group by 7.4% in the fourth 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 during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Lucid Group by 23.9% during the fourth 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 during the period. 75.17% of the stock is currently 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.