Lucid Group (NASDAQ:LCID) Shares Up 4.2% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) was up 4.2% on Thursday . The company traded as high as $7.12 and last traded at $6.98. 9,486,163 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 14,242,666 shares. The stock had previously closed at $6.70.

Analysts Set New Price Targets

Several research analysts have issued reports on LCID shares. Robert W. Baird set a $6.00 price objective on Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. TD Cowen dropped their target price 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. Morgan Stanley set a $5.00 price target on Lucid Group in a research note on Wednesday, May 6th. Finally, William Blair lowered Lucid Group to a “market perform” rating in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $9.56.

Lucid Group Price Performance

The company’s fifty day moving average is $6.14 and its two-hundred day moving average is $7.89. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of -0.51 and a beta of 0.83. The company has a quick ratio of 0.48, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the third quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lucid Group by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after buying an additional 701,826 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after acquiring an additional 2,167,882 shares during the last quarter. Institutional investors 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.