Lucid Group (NASDAQ:LCID) Trading Up 8.3% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 8.3% on Tuesday . The stock traded as high as $2.63 and last traded at $2.62. Approximately 42,635,550 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 55,756,608 shares. The stock had previously closed at $2.42.

Analysts Set New Price Targets

LCID has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Friday, March 28th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Finally, 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 report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average price target of $2.69.

Lucid Group Stock Performance

The company has a market capitalization of $6.91 billion, a PE ratio of -1.71 and a beta of 0.97. The stock has a 50-day simple moving average of $2.58 and a 200 day simple moving average of $2.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

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

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.