Lucid Group (NASDAQ:LCID) Sees Strong Trading Volume – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) saw unusually-strong trading volume on Thursday . Approximately 51,619,713 shares traded hands during trading, a decline of 9% from the previous session’s volume of 56,643,703 shares.The stock last traded at $2.37 and had previously closed at $2.40.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Redburn Atlantic lowered 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. Benchmark reaffirmed a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Stifel Nicolaus reduced their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Trading Down 0.8 %

The firm has a market cap of $7.21 billion, a PE ratio of -1.78 and a beta of 0.97. The company has a 50-day simple moving average of $2.58 and a 200 day simple moving average of $2.72. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the fourth quarter worth about $28,000. Accredited Investors Inc. acquired a new position in Lucid Group in the 4th quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in Lucid Group during the fourth quarter worth approximately $31,000. DRW Securities LLC acquired a new stake in Lucid Group in the fourth quarter valued at approximately $31,000. Finally, First National Corp MA ADV acquired a new stake in Lucid Group in the fourth quarter valued at approximately $32,000. 75.17% of the stock is 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.