Lucid Group (NASDAQ:LCID) Trading 6.9% Higher - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 6.9% during trading on Wednesday . The stock traded as high as $2.50 and last traded at $2.49. 62,940,992 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 61,971,167 shares. The stock had previously closed at $2.33.

Wall Street Analyst Weigh In

Several analysts recently commented on LCID shares. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Benchmark reiterated a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, TD Cowen started coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Lucid Group presently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Up 2.0 %

The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of -1.87 and a beta of 0.88. 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 business has a fifty day moving average of $2.41 and a 200 day moving average of $2.60.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. lifted its position in shares of Lucid Group by 14.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after purchasing an additional 8,074 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its position in Lucid Group by 27.8% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock valued at $62,000 after buying an additional 3,816 shares during the period. GAMMA Investing LLC grew its stake in shares of Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after acquiring an additional 5,031 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Lucid Group during the fourth quarter worth $151,000. Finally, Fermata Advisors LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at $144,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.

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