Lucid Group (NASDAQ:LCID) Stock Price Up 13.4% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 13.4% during trading on Thursday . The stock traded as high as $3.29 and last traded at $3.26. 62,407,233 shares traded hands 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

A number of analysts have commented on the stock. Benchmark assumed coverage on shares of Lucid Group in a research report on Wednesday. They set a “buy” rating and a $5.00 price target on the stock. 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. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Finally, Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.24.

Lucid Group Trading Up 13.4 %

The company has a fifty day simple moving average of $2.86 and a 200-day simple moving average of $2.98. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $9.80 billion, a price-to-earnings ratio of -2.43 and a beta of 0.93.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth about $26,000. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group during the 4th quarter worth about $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter worth about $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group during the 4th quarter worth about $31,000. Finally, DRW Securities LLC purchased a new position in Lucid Group during the 4th quarter valued at about $31,000. Institutional investors and hedge funds 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.