Lucid Group (NASDAQ:LCID) Sees Strong Trading Volume – Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) saw an uptick in trading volume on Tuesday . 61,189,856 shares changed hands during mid-day trading, an increase of 16% from the previous session’s volume of 52,894,059 shares.The stock last traded at $2.45 and had previously closed at $2.16.

Analyst Ratings Changes

Several analysts recently weighed in on LCID shares. 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. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Cowen began coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Up 11.8 %

The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of -1.79 and a beta of 0.97. The business has a fifty day simple moving average of $2.72 and a two-hundred day simple moving average of $2.83. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

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