Lucid Group (NASDAQ:LCID) Trading Up 3.4% - Here's Why

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, April 3rd. Robert W. Baird lifted their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Finally, Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of -1.89 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a 50 day simple moving average of $2.35 and a 200 day simple moving average of $2.57.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Public Investment Fund boosted its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP increased its stake in Lucid Group by 4,320.7% during the 4th 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 grew its position in Lucid Group by 342.7% in 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 acquired a new stake in Lucid Group in the 4th quarter valued at about $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.

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