Lucid Group (NASDAQ:LCID) Stock Price Up 4.3% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 4.3% during trading on Monday . The company traded as high as $7.91 and last traded at $7.70. Approximately 9,733,985 shares traded hands during trading, a decline of 32% from the average session volume of 14,238,732 shares. The stock had previously closed at $7.38.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research note on Monday. Benchmark lowered shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, TD Cowen cut their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. One 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’s stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $9.56.

Lucid Group Stock Performance

The firm has a market cap of $3.01 billion, a P/E ratio of -0.58 and a beta of 0.83. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The company’s 50-day moving average is $6.04 and its two-hundred day moving average is $7.98.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Royal Bank of Canada raised its position in Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after buying an additional 9,578 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after acquiring an additional 254,551 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after purchasing an additional 11,252 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.