Lucid Group (NASDAQ:LCID) Trading 3.4% Higher - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares shot up 3.4% on Thursday . The stock traded as high as $2.62 and last traded at $2.60. 34,898,850 shares changed hands during trading, a decline of 45% from the average session volume of 63,476,582 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

Several analysts have commented on the stock. Cowen began coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Robert W. Baird boosted their price target on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Finally, Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Trading Down 1.5 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company's 50 day moving average is $2.35 and its 200 day moving average is $2.55. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of -1.74 and a beta of 0.88.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Public Investment Fund lifted its position in shares of Lucid Group by 28.8% in the 4th 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. increased its stake in Lucid Group by 31.1% in 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 during the period. Two Sigma Investments LP raised its position in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC boosted its holdings 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 purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new stake in shares of Lucid Group in the 4th quarter valued at approximately $34,123,000. 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.