Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 51,619,713 shares traded hands during mid-day trading, a decline of 9% from the previous session's volume of 56,643,703 shares.The stock last traded at $2.37 and had previously closed at $2.40.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered their price target 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. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Benchmark reissued a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Finally, Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average 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 50-day moving average of $2.56 and a 200 day moving average of $2.69. The stock has a market cap of $7.35 billion, a PE ratio of -1.81 and a beta of 0.88.

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Institutional Investors Weigh In On Lucid Group

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

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.