Lucid Group (NASDAQ:LCID) Stock Price Up 1.2% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was up 1.2% during mid-day trading on Monday . The company traded as high as $2.18 and last traded at $2.12. Approximately 24,690,900 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 89,263,328 shares. The stock had previously closed at $2.09.

Analysts Set New Price Targets

A number of research analysts have issued reports on LCID shares. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $3.50 to $1.13 in a report on Monday, February 24th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating for the company. 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 reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two investment 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Performance

The stock has a 50-day moving average of $2.68 and a 200 day moving average of $2.81. The stock has a market cap of $6.91 billion, a PE ratio of -1.70 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its holdings in shares of Lucid Group by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock valued at $2,654,000 after purchasing an additional 8,023 shares during the period. 111 Capital purchased a new stake in shares of Lucid Group in the 4th quarter valued at approximately $52,000. Public Employees Retirement System of Ohio grew its stake in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after buying an additional 17,230 shares during the period. Alpine Global Management LLC grew its stake in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after buying an additional 4,653 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Lucid Group by 23.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock valued at $7,890,000 after buying an additional 504,171 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.