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

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. TD Cowen assumed coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 target price for the company. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 3.8 %

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

Hedge Funds Weigh In On Lucid Group

Large investors have recently bought and sold shares of the business. Point72 Italy S.r.l. bought a new position in Lucid Group in the third quarter worth about $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group in the third quarter worth about $863,000. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after acquiring an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in Lucid Group in the fourth quarter worth about $301,000. Institutional investors 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.