Lucid Group (NASDAQ:LCID) Trading Up 2.8% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) rose 2.8% during trading on Thursday . The stock traded as high as $2.40 and last traded at $2.38. Approximately 24,825,210 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 61,060,478 shares. The stock had previously closed at $2.31.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LCID shares. TD Cowen began coverage on Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, April 3rd. Benchmark restated a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. 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 report on Wednesday, February 26th. Finally, Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Trading Up 3.2 %

The company has a 50-day moving average price of $2.49 and a 200 day moving average price of $2.64. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of -1.78 and a beta of 0.88. 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

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