Lucid Group (NASDAQ:LCID) Trading Up 5.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were up 5.7% during trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.49. Approximately 51,965,547 shares changed hands during trading, a decline of 3% from the average daily volume of 53,489,575 shares. The stock had previously closed at $2.35.

Analyst Ratings Changes

Several research analysts recently commented on LCID shares. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. 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 set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, Stifel Nicolaus decreased their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Trading Up 5.5 %

The company has a 50 day simple moving average of $2.68 and a 200 day simple moving average of $2.81. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $7.29 billion, a PE ratio of -1.79 and a beta of 0.97.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund increased its position in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its position in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the period. Geode Capital Management LLC increased its position in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP increased its position 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 during the period. 75.17% of the stock is owned by hedge funds and other 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.