Lucid Group (NASDAQ:LCID) Trading Up 4.2% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 4.2% during mid-day trading on Friday . The stock traded as high as $2.37 and last traded at $2.38. Approximately 30,533,638 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 54,064,280 shares. The stock had previously closed at $2.28.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LCID shares. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen started coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 target price on the stock. Finally, Cowen started coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, Lucid Group has an average rating of “Hold” and a consensus 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 stock has a market capitalization of $7.26 billion, a price-to-earnings ratio of -1.79 and a beta of 0.97. The stock’s 50 day simple moving average is $2.68 and its 200-day simple moving average is $2.81.

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group in the fourth quarter worth $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group during the 4th quarter worth $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group during the 4th quarter worth $32,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.