Lucid Group (NASDAQ:LCID) Trading Up 3.8% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 3.8% during mid-day trading on Monday . The stock traded as high as $2.55 and last traded at $2.37. 68,327,394 shares were traded during mid-day trading, an increase of 18% from the average session volume of 57,889,020 shares. The stock had previously closed at $2.28.

Analyst Upgrades and Downgrades

Several brokerages recently commented on LCID. Stifel Nicolaus dropped their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday. Benchmark reiterated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Finally, Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Up 7.5 %

The business’s 50 day simple moving average is $2.56 and its 200 day simple moving average is $2.69. The company has a market capitalization of $7.43 billion, a PE ratio of -1.83 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Lucid Group by 187.3% during the 1st quarter. GAMMA Investing LLC now owns 34,078 shares of the company’s stock valued at $82,000 after purchasing an additional 22,218 shares during the period. California State Teachers Retirement System raised its position in Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock valued at $2,654,000 after buying an additional 8,023 shares during the period. 111 Capital purchased a new stake in Lucid Group in the 4th quarter worth about $52,000. Public Employees Retirement System of Ohio boosted its position in Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after acquiring an additional 17,230 shares during the period. Finally, Alpine Global Management LLC boosted its position in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after acquiring an additional 4,653 shares during the period. Hedge funds and other 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.