Lucid Group (NASDAQ:LCID) Stock Price Up 3.5% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 3.5% on Wednesday . The stock traded as high as $2.81 and last traded at $2.79. 18,676,258 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 75,550,320 shares. The stock had previously closed at $2.69.

Analysts Set New Price Targets

LCID has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Finally, Benchmark started coverage on Lucid Group in a report on Wednesday. They set a “buy” rating and a $5.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average target price of $3.24.

Lucid Group Stock Up 5.4 %

The company has a market capitalization of $8.54 billion, a P/E ratio of -2.12 and a beta of 0.93. The business’s fifty day moving average price is $2.85 and its 200 day moving average price is $2.98. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in 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 purchasing an additional 26,172,852 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 29.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock valued at $19,919,000 after buying an additional 1,499,034 shares during the period. Norges Bank bought a new position in Lucid Group in the fourth quarter valued at approximately $9,446,000. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company’s stock worth $8,935,000 after acquiring an additional 85,370 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of Lucid Group by 2.1% during the fourth quarter. Swiss National Bank now owns 1,839,000 shares of the company’s stock worth $5,554,000 after purchasing an additional 37,500 shares during the period. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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.