Lucid Group (NASDAQ:LCID) Trading Up 3.7% – Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 3.7% on Friday . The company traded as high as $2.11 and last traded at $2.11. Approximately 36,484,746 shares were traded during trading, a decline of 59% from the average daily volume of 89,738,031 shares. The stock had previously closed at $2.03.

Wall Street Analyst Weigh In

LCID has been the topic of a number of recent analyst reports. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the company from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Stifel Nicolaus lowered their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

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 company has a 50-day moving average price of $2.75 and a 200-day moving average price of $2.85. The firm has a market capitalization of $6.34 billion, a PE ratio of -1.56 and a beta of 0.97.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. purchased a new position in Lucid Group during the fourth quarter worth about $28,000. Accredited Investors Inc. purchased a new position in Lucid Group during the fourth quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in Lucid Group during the fourth quarter worth about $31,000. DRW Securities LLC purchased a new position in Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV purchased a new position in Lucid Group during the fourth quarter worth about $32,000. 75.17% of the stock is currently owned by hedge funds and other 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.