Lucid Group (NASDAQ:LCID) Trading Up 2.7% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2.7% during mid-day trading on Monday . The company traded as high as $2.51 and last traded at $2.49. 20,868,661 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 54,459,023 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. TD Cowen assumed coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Finally, Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

The stock’s fifty day moving average price is $2.65 and its 200-day moving average price is $2.77. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of -1.81 and a beta of 0.97.

Institutional Trading of Lucid Group

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

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.