Lucid Group (NASDAQ:LCID) Shares Up 2.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) rose 2.8% during mid-day trading on Thursday . The stock traded as high as $2.44 and last traded at $2.43. Approximately 17,988,246 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 54,429,675 shares. The stock had previously closed at $2.36.

Analyst Ratings Changes

Several analysts have recently commented on the company. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating for the company. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. 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 data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Trading Up 0.8 %

The firm has a market capitalization of $7.21 billion, a price-to-earnings 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 company has a 50-day moving average price of $2.64 and a 200-day moving average price of $2.77.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group during the fourth quarter worth approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter worth $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group in the fourth quarter valued at $31,000. DRW Securities LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group in the 4th quarter valued at approximately $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.