Lucid Group (NASDAQ:LCID) Trading 1.4% Higher - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 1.4% during trading on Monday . The stock traded as high as $2.61 and last traded at $2.54. Approximately 27,108,201 shares traded hands during trading, a decline of 57% from the average daily volume of 62,788,735 shares. The stock had previously closed at $2.50.

Wall Street Analysts Forecast Growth

LCID has been the topic of several research analyst reports. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Robert W. Baird lifted their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a research note on Tuesday, March 18th. Finally, TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Down 4.9 %

The firm has a 50-day simple moving average of $2.36 and a 200 day simple moving average of $2.57. The company has a market capitalization of $7.38 billion, a PE ratio of -1.81 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.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 last quarter. GAMMA Investing LLC grew its stake in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock valued at $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 about $151,000. Finally, Fermata Advisors LLC acquired a new position in shares of Lucid Group in the fourth quarter worth about $144,000. 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.