Lucid Group (NASDAQ:LCID) Trading 1.5% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.5% on Monday . The company traded as high as $3.42 and last traded at $3.31. 80,207,315 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 70,537,840 shares. The stock had previously closed at $3.26.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LCID shares. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Finally, Benchmark initiated coverage on Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.24.

Lucid Group Price Performance

The company has a 50-day moving average price of $2.91 and a 200-day moving average price of $2.97. The firm has a market capitalization of $9.97 billion, a P/E ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the fourth quarter worth $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter worth $31,000. Finally, DRW Securities LLC acquired a new position in shares of Lucid Group during the 4th quarter worth about $31,000. 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.