Lucid Group (NASDAQ:LCID) Trading 11.7% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 11.7% on Tuesday . The company traded as high as $2.48 and last traded at $2.41. 74,279,606 shares were traded during trading, an increase of 40% from the average session volume of 52,938,600 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark reiterated a “buy” rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Finally, Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of -1.82 and a beta of 0.97. The company’s 50-day simple moving average is $2.70 and its 200-day simple moving average is $2.82.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. bought a new position in Lucid Group in the 4th quarter worth $28,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the 4th quarter worth about $30,000. Proficio Capital Partners LLC bought a new position in shares of Lucid Group during the 4th quarter worth about $31,000. DRW Securities LLC bought a new position in shares of Lucid Group during the 4th quarter worth about $31,000. Finally, First National Corp MA ADV bought a new position in shares of Lucid Group during the 4th quarter worth about $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.