Lucid Group (NASDAQ:LCID) Shares Up 2.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 2.8% during mid-day trading on Thursday . The company traded as high as $2.40 and last traded at $2.38. 24,825,210 shares were traded during mid-day trading, a decline of 59% from the average session volume of 61,060,478 shares. The stock had previously closed at $2.31.

Wall Street Analyst Weigh In

LCID has been the subject of several recent research reports. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 3.2 %

The firm has a market capitalization of $7.23 billion, a PE ratio of -1.78 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 firm’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.64.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in Lucid Group by 47.5% in the third quarter. FMR LLC now owns 149,987 shares of the company’s stock worth $529,000 after purchasing an additional 48,304 shares in the last quarter. Quantinno Capital Management LP acquired a new position in Lucid Group in the third quarter valued at approximately $60,000. Orion Portfolio Solutions LLC acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $84,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Lucid Group in the 3rd quarter worth approximately $121,000. Finally, Coldstream Capital Management Inc. bought a new position in Lucid Group during the 3rd quarter worth $53,000. 75.17% of the stock is currently owned by institutional investors.

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.