Lucid Group (NASDAQ:LCID) Trading 2.8% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2.8% on Monday . The company traded as high as $2.59 and last traded at $2.57. 29,414,962 shares traded hands during trading, a decline of 51% from the average session volume of 60,506,380 shares. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research reports. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a research note on Tuesday, March 18th. Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, TD Cowen initiated 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 for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Up 1.6 %

The company’s 50 day simple moving average is $2.52 and its 200-day simple moving average is $2.65. 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 firm has a market capitalization of $7.70 billion, a PE ratio of -1.90 and a beta of 0.88.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Lucid Group by 27.8% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in Lucid Group by 43.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock worth $43,000 after buying an additional 4,296 shares during the last quarter. Sei Investments Co. boosted its stake in Lucid Group by 14.0% in the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after buying an additional 4,431 shares in the last quarter. Voya Investment Management LLC grew its position in Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares during the last quarter. Finally, Alpine Global Management LLC raised its stake in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after acquiring an additional 4,653 shares in the last quarter. 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.