Lucid Group (NASDAQ:LCID) Trading Up 2.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) rose 2.2% during trading on Wednesday . The stock traded as high as $2.27 and last traded at $2.14. Approximately 56,285,453 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 89,133,313 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

LCID has been the topic of several recent analyst reports. Royal Bank of Canada dropped their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, 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 research report on Thursday, February 27th. Three research 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 $2.69.

Lucid Group Trading Up 3.0 %

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 company has a market cap of $6.34 billion, a price-to-earnings ratio of -1.56 and a beta of 0.97. The business has a 50 day simple moving average of $2.77 and a 200 day simple moving average of $2.87.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Pine Valley Investments Ltd Liability Co lifted its stake in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after acquiring an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Lucid Group by 43.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after acquiring an additional 4,296 shares during the period. Sei Investments Co. lifted its stake in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares during the period. Voya Investment Management LLC lifted its stake in shares of Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares during the period. Finally, Alpine Global Management LLC lifted its stake in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.