Lucid Group (NASDAQ:LCID) Trading 3.2% Higher - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 3.2% during mid-day trading on Friday . The stock traded as high as $3.42 and last traded at $3.37. Approximately 32,065,922 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 78,773,313 shares. The stock had previously closed at $3.26.

Analyst Ratings Changes

Several equities research analysts have weighed in on LCID shares. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Benchmark assumed coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 target price on the stock. Finally, Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of "Hold" and a consensus price target of $3.24.

Lucid Group Price Performance

The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of -2.51 and a beta of 0.93. The business's fifty day moving average price is $2.96 and its 200-day moving average price is $2.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Investment Fund raised its position in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its stake in Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after acquiring an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP grew its stake in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after acquiring an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC grew its stake in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new position in Lucid Group during the fourth quarter valued at approximately $34,123,000. 75.17% of the stock is currently 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.