Lucid Group, Inc. (NASDAQ:LCID) Short Interest Up 29.2% in April

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 350,700,000 shares, a growth of 29.2% from the March 31st total of 271,470,000 shares. Based on an average daily volume of 97,580,000 shares, the short-interest ratio is currently 3.6 days. Currently, 29.5% of the shares of the company are sold short.

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group in the fourth quarter worth approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter worth $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group in the fourth quarter worth about $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LCID. Robert W. Baird increased 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. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. TD Cowen assumed coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Performance

Shares of LCID stock remained flat at $2.53 on Friday. 64,352,353 shares of the stock were exchanged, compared to its average volume of 64,210,642. Lucid Group has a twelve month low of $1.93 and a twelve month high of $4.43. 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 firm has a 50-day moving average of $2.35 and a 200-day moving average of $2.55. The company has a market cap of $7.67 billion, a P/E ratio of -1.89 and a beta of 0.88.

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.