Lucid Group (NASDAQ:LCID) Trading 2.8% Higher - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was up 2.8% on Monday . The company traded as high as $2.59 and last traded at $2.57. Approximately 29,414,962 shares traded hands during trading, a decline of 51% from the average daily volume of 60,506,380 shares. The stock had previously closed at $2.50.

Analyst Ratings Changes

LCID has been the subject of a number of research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Cowen initiated coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Stifel Nicolaus reduced their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. 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. Finally, Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of "Hold" and an average target price of $2.69.

Lucid Group Stock Up 3.0 %

The stock has a market cap of $7.21 billion, a P/E ratio of -1.78 and a beta of 0.88. The stock's fifty day simple moving average is $2.48 and its 200-day simple moving average is $2.62. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. FMR LLC lifted its position in Lucid Group by 47.5% in the 3rd quarter. FMR LLC now owns 149,987 shares of the company's stock valued at $529,000 after purchasing an additional 48,304 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in Lucid Group in the 3rd quarter worth approximately $84,000. Y Intercept Hong Kong Ltd bought a new stake in Lucid Group during the 3rd quarter valued at $121,000. B. Riley Wealth Advisors Inc. boosted its position in Lucid Group by 14.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after acquiring an additional 8,074 shares during the period. Finally, Pine Valley Investments Ltd Liability Co grew its stake in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after purchasing an additional 3,816 shares in the last quarter. 75.17% of the stock is 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.