Lucid Group (NASDAQ:LCID) Sees Large Volume Increase – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) saw unusually-high trading volume on Thursday . Approximately 51,619,713 shares changed hands during trading, a decline of 9% from the previous session’s volume of 56,643,703 shares.The stock last traded at $2.37 and had previously closed at $2.40.

Analysts Set New Price Targets

A number of research firms have weighed in on LCID. 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 downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. TD Cowen assumed coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Finally, Stifel Nicolaus lowered 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

The firm has a market capitalization of $7.21 billion, a PE ratio of -1.78 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a fifty day moving average price of $2.58 and a 200-day moving average price of $2.72.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $3,209,000. Main Management ETF Advisors LLC acquired a new stake in Lucid Group in the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at $301,000. Hedge funds and other 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.