Lucid Group (NASDAQ:LCID) Trading 3.6% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 3.6% during mid-day trading on Wednesday . The company traded as high as $10.40 and last traded at $10.28. 13,411,352 shares changed hands during trading, an increase of 69% from the average session volume of 7,935,886 shares. The stock had previously closed at $9.92.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Cantor Fitzgerald lowered their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus price target of $19.71.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.34 and a current ratio of 1.25. The business’s 50-day moving average is $10.71 and its 200 day moving average is $15.57. The company has a market cap of $3.24 billion, a PE ratio of -0.82 and a beta of 1.16.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC raised its holdings in Lucid Group by 561.7% during the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after buying an additional 19,660 shares during the last quarter. Virtu Financial LLC bought a new stake in Lucid Group in the 4th quarter worth $1,355,000. Invesco Ltd. increased its position in shares of Lucid Group by 61.6% in the fourth quarter. Invesco Ltd. now owns 499,053 shares of the company’s stock valued at $5,275,000 after acquiring an additional 190,193 shares during the period. Corient Private Wealth LLC bought a new position in Lucid Group during the 4th quarter valued at approximately $118,000. Finally, Alberta Investment Management Corp purchased a new stake in Lucid Group in the 4th quarter worth approximately $814,000. 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.