Lucid Group (NASDAQ:LCID) Trading 3% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 3% during trading on Friday . The stock traded as high as $2.40 and last traded at $2.38. Approximately 68,255,068 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 61,403,298 shares. The stock had previously closed at $2.31.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, April 3rd. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Finally, Cowen began coverage on Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

The stock has a market cap of $7.21 billion, a price-to-earnings ratio of -1.78 and a beta of 0.88. 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 firm has a fifty day moving average of $2.49 and a 200 day moving average of $2.63.

Institutional Trading of Lucid Group

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

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.