Lucid Group (NASDAQ:LCID) Trading 13.4% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 13.4% on Thursday . The company traded as high as $3.29 and last traded at $3.26. 62,407,233 shares traded hands during trading, a decline of 19% from the average session volume of 77,363,797 shares. The stock had previously closed at $2.87.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on LCID shares. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Benchmark started coverage on shares of Lucid Group in a research report on Wednesday. They issued a “buy” rating and a $5.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.24.

Lucid Group Trading Up 1.5 %

The stock has a 50-day moving average of $2.91 and a two-hundred day moving average of $2.98. The company has a market cap of $9.97 billion, a P/E ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Utah Retirement Systems boosted its stake in Lucid Group by 30.0% during the 4th quarter. Utah Retirement Systems now owns 62,000 shares of the company’s stock valued at $187,000 after purchasing an additional 14,300 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Lucid Group by 35.8% during the fourth quarter. Northern Trust Corp now owns 5,416,585 shares of the company’s stock valued at $16,358,000 after purchasing an additional 1,426,625 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Lucid Group by 18.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 312,029 shares of the company’s stock valued at $942,000 after buying an additional 48,628 shares during the last quarter. Tudor Investment Corp ET AL increased its holdings in Lucid Group by 605.7% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,185,199 shares of the company’s stock worth $3,579,000 after buying an additional 1,017,245 shares in the last quarter. Finally, Nebula Research & Development LLC raised its position in Lucid Group by 134.9% in the 4th quarter. Nebula Research & Development LLC now owns 210,616 shares of the company’s stock worth $636,000 after buying an additional 120,965 shares during the last quarter. Institutional investors 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.