Lucid Group (NASDAQ:LCID) Shares Up 1.1% - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were up 1.1% during mid-day trading on Friday . The company traded as high as $2.27 and last traded at $2.26. Approximately 47,282,127 shares traded hands during trading, a decline of 44% from the average daily volume of 84,598,109 shares. The stock had previously closed at $2.23.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company 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 target price on the stock in a report on Monday, November 11th. Stifel Nicolaus cut their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday. Finally, 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 objective for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Performance

The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -1.58 and a beta of 0.93. The firm's 50-day moving average is $2.96 and its two-hundred day moving average is $2.95. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the fourth quarter worth approximately $28,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $31,000. DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV purchased a new stake in Lucid Group during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 75.17% of the company's stock.

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.