Lucid Group (NASDAQ:LCID) Trading Up 0.7% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 0.7% during trading on Monday . The stock traded as high as $2.25 and last traded at $2.17. 33,960,752 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 87,273,297 shares. The stock had previously closed at $2.15.

Wall Street Analysts Forecast Growth

LCID has been the topic of several research analyst reports. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Lucid Group presently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Price Performance

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 stock's 50 day moving average price is $2.79 and its two-hundred day moving average price is $2.88. The firm has a market capitalization of $6.14 billion, a price-to-earnings ratio of -1.52 and a beta of 0.97.

Institutional Investors Weigh In On Lucid Group

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