Lucid Group (NASDAQ:LCID) Shares Up 1.5% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 1.5% on Monday . The company traded as high as $3.42 and last traded at $3.31. 80,207,315 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 70,537,840 shares. The stock had previously closed at $3.26.

Analyst Ratings Changes

A number of equities research analysts recently commented on LCID shares. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Benchmark assumed coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.24.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $10.13 billion, a PE ratio of -2.51 and a beta of 0.93. The firm has a 50 day moving average price of $2.94 and a 200-day moving average price of $2.97.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Public Investment Fund lifted its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. raised its stake in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of 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 valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Lucid Group in the fourth quarter worth about $34,123,000. 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.