Lucid Group (NASDAQ:LCID) Trading Up 1.4% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.4% during trading on Friday . The stock traded as high as $2.60 and last traded at $2.56. 44,488,766 shares were traded during mid-day trading, a decline of 26% from the average session volume of 59,904,394 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LCID. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average 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 capitalization of $7.65 billion, a price-to-earnings ratio of -1.88 and a beta of 0.88. The stock’s 50-day simple moving average is $2.53 and its 200 day simple moving average is $2.66.

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the business. Leicht Financial Planning & Wealth Management Inc. bought a new stake in shares of Lucid Group during the first quarter worth $484,000. Rhumbline Advisers lifted its position in Lucid Group by 4.9% during the 1st quarter. Rhumbline Advisers now owns 814,725 shares of the company’s stock worth $1,972,000 after buying an additional 38,113 shares in the last quarter. GAMMA Investing LLC grew its holdings in Lucid Group by 187.3% during the 1st quarter. GAMMA Investing LLC now owns 34,078 shares of the company’s stock worth $82,000 after acquiring an additional 22,218 shares during the last quarter. California State Teachers Retirement System grew its holdings in Lucid Group by 0.9% during the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock worth $2,654,000 after acquiring an additional 8,023 shares during the last quarter. Finally, 111 Capital acquired a new stake in Lucid Group in the 4th quarter valued at about $52,000. 75.17% of the stock is currently owned by 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.