Lucid Group (NASDAQ:LCID) Trading 7.1% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 7.1% on Tuesday . The stock traded as high as $3.55 and last traded at $3.55. 39,941,069 shares changed hands during trading, a decline of 50% from the average session volume of 79,108,445 shares. The stock had previously closed at $3.31.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price target for the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and an average price target of $3.24.

Lucid Group Stock Down 1.8 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93. The firm’s 50 day simple moving average is $2.98 and its 200-day simple moving average is $2.98.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. CWM LLC grew its stake in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after purchasing an additional 6,771 shares during the period. Creative Planning grew its stake in shares of Lucid Group by 54.3% during the 3rd quarter. Creative Planning now owns 224,031 shares of the company’s stock worth $791,000 after purchasing an additional 78,839 shares during the period. Vontobel Holding Ltd. grew its stake in shares of Lucid Group by 39.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 129,102 shares of the company’s stock worth $456,000 after purchasing an additional 36,651 shares during the period. Bleakley Financial Group LLC acquired a new position in shares of Lucid Group during the 3rd quarter worth $49,000. Finally, Signaturefd LLC grew its stake in shares of Lucid Group by 39.8% during the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after purchasing an additional 10,383 shares during the period. 75.17% of the stock is 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.