Lucid Group (NASDAQ:LCID) Trading 1.4% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 1.4% during mid-day trading on Tuesday . The company traded as high as $6.73 and last traded at $6.70. Approximately 4,602,896 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 14,091,269 shares. The stock had previously closed at $6.61.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LCID shares. Citigroup reiterated a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. TD Cowen decreased their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Finally, William Blair downgraded shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $9.56.

Lucid Group Trading Down 1.4%

The company has a 50 day moving average of $6.17 and a 200 day moving average of $7.78. The firm has a market cap of $2.52 billion, a P/E ratio of -0.47 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Jain Global LLC boosted its position in Lucid Group by 13.3% during the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after buying an additional 1,200 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after acquiring an additional 1,336 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after acquiring an additional 1,430 shares during the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after purchasing an additional 1,569 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after purchasing an additional 1,604 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.