Lucid Group (NASDAQ:LCID) Stock Price Up 4.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares rose 4.2% during trading on Friday . The stock traded as high as $2.37 and last traded at $2.38. Approximately 30,533,638 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 54,064,280 shares. The stock had previously closed at $2.28.

Analyst Upgrades and Downgrades

LCID has been the topic of several recent analyst reports. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research note on Tuesday, March 18th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 target price on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

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 company’s fifty day moving average is $2.67 and its 200 day moving average is $2.79. The company has a market cap of $7.34 billion, a P/E ratio of -1.81 and a beta of 0.97.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Caprock Group LLC grew its holdings in shares of Lucid Group by 7.4% during the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company’s stock valued at $671,000 after purchasing an additional 13,159 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Lucid Group by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the last quarter. FMR LLC grew its holdings in Lucid Group by 47.5% in the 3rd quarter. FMR LLC now owns 149,987 shares of the company’s stock worth $529,000 after acquiring an additional 48,304 shares during the last quarter. Finally, Townsquare Capital LLC bought a new stake in Lucid Group in the 3rd quarter worth $75,000. Institutional investors own 75.17% of the company’s stock.

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.