Lucid Group (NASDAQ:LCID) Shares Up 3.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 3.7% during trading on Wednesday . The stock traded as high as $2.46 and last traded at $2.41. Approximately 38,351,641 shares traded hands during trading, a decline of 35% from the average daily volume of 58,871,297 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

LCID has been the topic of several research reports. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. TD Cowen initiated coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 target price for the company. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Finally, Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Price Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market cap of $7.58 billion, a price-to-earnings ratio of -1.87 and a beta of 0.88. The stock’s 50-day simple moving average is $2.53 and its 200 day simple moving average is $2.66.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group during the fourth quarter worth $28,000. Accredited Investors Inc. acquired a new position in Lucid Group during the 4th quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in Lucid Group during the 4th quarter valued at about $31,000. DRW Securities LLC acquired a new position in Lucid Group in the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new stake in Lucid Group during the fourth quarter worth about $32,000. 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.