Lucid Group (NASDAQ:LCID) Shares Up 5.7% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 5.7% on Wednesday . The company traded as high as $2.57 and last traded at $2.49. Approximately 51,965,547 shares traded hands during trading, a decline of 3% from the average daily volume of 53,489,575 shares. The stock had previously closed at $2.35.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LCID shares. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price target on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday, February 26th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price 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 target price on shares of Lucid Group in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 4.9 %

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 company has a market capitalization of $7.47 billion, a price-to-earnings ratio of -1.84 and a beta of 0.97. The firm’s 50-day simple moving average is $2.71 and its 200-day simple moving average is $2.82.

Institutional Trading of Lucid Group

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