Lucid Group (NASDAQ:LCID) Trading Up 5.7% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 5.7% on Wednesday . The company traded as high as $2.57 and last traded at $2.49. 51,965,547 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 53,489,575 shares. The stock had previously closed at $2.35.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen began coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective for the company. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Finally, Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.69.

Lucid Group Stock Up 4.9 %

The firm’s 50 day simple moving average is $2.71 and its 200 day simple moving average is $2.82. The company has a market cap of $7.47 billion, a price-to-earnings ratio of -1.84 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Large investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group during the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new stake in Lucid Group during the fourth quarter worth approximately $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group during the 4th quarter valued at $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.