Lucid Group (NASDAQ:LCID) Trading 1.5% Higher Following Analyst Upgrade

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 1.5% during mid-day trading on Tuesday after Robert W. Baird raised their price target on the stock from $2.00 to $3.00. Robert W. Baird currently has a neutral rating on the stock. Lucid Group traded as high as $2.38 and last traded at $2.36. Approximately 21,296,311 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 61,606,953 shares. The stock had previously closed at $2.32.

Other equities research analysts have also issued research reports about the company. Benchmark reissued a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Redburn Atlantic lowered shares of 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 report on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.68.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Prakash Investment Advisors LLC increased its holdings in shares of Lucid Group by 32.0% in the first quarter. Prakash Investment Advisors LLC now owns 40,040 shares of the company's stock worth $97,000 after buying an additional 9,710 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Lucid Group by 4.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 209,406 shares of the company's stock worth $486,000 after purchasing an additional 9,432 shares during the period. Sequoia Financial Advisors LLC lifted its position in Lucid Group by 16.8% in the first quarter. Sequoia Financial Advisors LLC now owns 120,628 shares of the company's stock valued at $292,000 after purchasing an additional 17,370 shares during the last quarter. HBK Sorce Advisory LLC purchased a new stake in shares of Lucid Group during the first quarter valued at approximately $32,000. Finally, Spire Wealth Management grew its holdings in shares of Lucid Group by 153.1% in the first quarter. Spire Wealth Management now owns 32,057 shares of the company's stock worth $78,000 after purchasing an additional 19,392 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Trading Up 2.0 %

The company has a market capitalization of $7.58 billion, a PE ratio of -1.87 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. The firm's 50 day moving average is $2.40 and its 200 day moving average is $2.59.

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.