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

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 4.2% during mid-day trading on Tuesday . The stock traded as high as $9.66 and last traded at $9.53. 4,373,934 shares were traded during mid-day trading, a decline of 39% from the average session volume of 7,123,397 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LCID. Citigroup began coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a “buy” rating and a $17.00 target price on the stock. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 price target on shares of Lucid Group in a report on Wednesday, February 25th. Benchmark restated a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Cantor Fitzgerald dropped their price objective on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 25th. Finally, Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The firm has a market capitalization of $3.12 billion, a PE ratio of -0.79 and a beta of 1.12. The firm’s 50 day moving average price is $10.27 and its 200-day moving average price is $13.99.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. Valeo Financial Advisors LLC increased its position in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares during the period. Silverlake Wealth Management LLC purchased a new position in shares of Lucid Group during the 2nd quarter valued at approximately $39,000. Jump Financial LLC acquired a new stake in Lucid Group in the 2nd quarter valued at $41,000. Finally, Victory Financial Group LLC acquired a new stake in Lucid Group in the 2nd quarter valued at $46,000. Hedge funds and other 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.