Lucid Group (NASDAQ:LCID) Stock Price Up 13.4% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded up 13.4% on Thursday . The company traded as high as $3.29 and last traded at $3.26. 62,407,233 shares were traded during trading, a decline of 19% from the average session volume of 77,363,797 shares. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LCID shares. Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Benchmark initiated coverage on Lucid Group in a report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price target on the stock. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $3.24.

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Lucid Group Stock Performance

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 company has a 50 day simple moving average of $2.94 and a 200-day simple moving average of $2.97. The firm has a market cap of $10.48 billion, a PE ratio of -2.60 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group during the fourth quarter valued at about $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the 4th quarter valued at about $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group during the 4th quarter valued at about $31,000. DRW Securities LLC purchased a new stake in Lucid Group during the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV bought a new position in Lucid Group during the 4th quarter worth approximately $32,000. 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.