Lucid Group (NASDAQ:LCID) Shares Up 1.2% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID) saw its share price increase by 1.2% during mid-day trading on Monday. The stock reached a maximum price of $2.18 before settling at $2.12. A total of approximately 24,690,900 shares were traded during the day, which represents a significant decline of 72% from the average daily trading volume of 89,263,328 shares. The stock had a previous closing price of $2.09.

Changes in Analyst Ratings

Several equities research analysts have published reports concerning the shares of Lucid Group. Benchmark maintained a "buy" rating and set a target price of $5.00 in a report dated March 7th. Conversely, Stifel Nicolaus lowered their price target from $3.50 to $3.00 and assigned a "hold" rating on February 27th. Redburn Atlantic downgraded the stock from "neutral" to "sell" on February 24th and reduced their price target from $3.50 to $1.13. TD Cowen also initiated coverage on Lucid Group on March 7th, issuing a "hold" rating along with a target price of $2.30. Lastly, Cantor Fitzgerald reaffirmed a "neutral" rating with a $3.00 price objective on February 26th. Overall, two analysts rated the stock as a sell, nine as a hold, and two as a buy, resulting in a consensus rating of "Hold" and an average price target of $2.69, according to MarketBeat.com.

Price Performance of Lucid Group

The company exhibits a debt-to-equity ratio of 0.77, a quick ratio of 3.26, and a current ratio of 3.71. The stock's 50-day moving average stands at $2.71, while the 200-day moving average is $2.82. With a market capitalization of $7.12 billion, the stock maintains a PE ratio of -1.75 and a beta value of 0.97.

Institutional Investment Trends

Recently, many hedge funds have adjusted their holdings in Lucid Group. The Public Investment Fund increased its stake by 28.8% during the fourth quarter, now owning 1,770,888,684 shares valued at approximately $5,348,084,000 after acquiring an additional 396,188,386 shares. Vanguard Group Inc. raised its ownership by 31.1% during the same period, totaling 110,318,727 shares worth $333,163,000 after buying an additional 26,172,852 shares. Additionally, Two Sigma Investments LP augmented its stake by an incredible 4,320.7%, now owning 15,851,907 shares valued at $47,873,000 after adding 15,493,320 shares. Renaissance Technologies LLC also increased its holding by 342.7%, now possessing 16,539,862 shares valued at approximately $49,950,000 after purchasing an additional 12,803,987 shares. Lastly, Two Sigma Advisers LP acquired a new position in the fourth quarter worth $34,123,000. Collectively, hedge funds and other institutional investors own about 75.17% of LCID stock.

About Lucid Group

Lucid Group, Inc. is a technology-driven company that designs, engineers, manufactures, and sells electric vehicles (EVs), EV powertrains, and battery systems. It also develops proprietary software for its vehicles in-house and sells directly to consumers through its retail network and online platforms, including Lucid Financial Services.

Should You Invest in Lucid Group?

Before making a decision regarding investing in Lucid Group, you might want to consider various factors. Current analyst consensus rates the stock as a "Hold", suggesting a cautious approach might be prudent. It’s essential to evaluate other investment opportunities that might prove more promising.

Lucid, Stocks, Investment