Lucid Group (NASDAQ:LCID) Trading Up 2.9% – Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 2.9% during mid-day trading on Thursday . The company traded as high as $2.42 and last traded at $2.33. 53,854,987 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 83,877,336 shares. The stock had previously closed at $2.26.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $3.50 to $1.13 in a report on Monday. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday. Finally, Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 1.3 %

The firm has a market cap of $6.72 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm’s 50 day simple moving average is $2.98 and its two-hundred day simple moving average is $2.97.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new position in Lucid Group during the 4th quarter worth $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group during the fourth quarter valued at $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group in the fourth quarter valued at $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group in the fourth quarter valued at approximately $32,000. 75.17% of the stock is 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.