Lucid Group (NASDAQ:LCID) Trading 2.8% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 2.8% during trading on Monday . The stock traded as high as $2.59 and last traded at $2.57. Approximately 29,414,962 shares traded hands during trading, a decline of 51% from the average daily volume of 60,506,380 shares. The stock had previously closed at $2.50.

Wall Street Analysts Forecast Growth

LCID has been the subject of several research analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, April 3rd. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Benchmark reiterated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market cap of $7.40 billion, a P/E ratio of -1.82 and a beta of 0.88. The company’s 50 day moving average is $2.50 and its 200 day moving average is $2.64.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Lucid Group during the 4th quarter worth about $780,000. Norges Bank acquired a new stake in Lucid Group in the fourth quarter valued at approximately $9,446,000. Nisa Investment Advisors LLC grew its position in Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after purchasing an additional 249,500 shares during the period. Renaissance Technologies LLC raised its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Lucid Group during the fourth quarter worth about $301,000. Institutional investors and hedge funds 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.