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

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 2.8% during trading on Thursday . The company traded as high as $2.40 and last traded at $2.38. Approximately 24,825,210 shares traded hands during trading, a decline of 59% from the average daily volume of 61,060,478 shares. The stock had previously closed at $2.31.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Benchmark reiterated a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target for the company. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two equities research 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’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a 50 day moving average price of $2.48 and a 200 day moving average price of $2.62. The firm has a market cap of $7.21 billion, a PE ratio of -1.78 and a beta of 0.88.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Lucid Group during the fourth quarter worth about $780,000. XTX Topco Ltd increased its position in Lucid Group by 395.7% during the 4th quarter. XTX Topco Ltd now owns 849,140 shares of the company’s stock worth $2,564,000 after purchasing an additional 677,846 shares during the period. Norges Bank purchased a new position in shares of Lucid Group during the 4th quarter worth approximately $9,446,000. Nisa Investment Advisors LLC raised its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 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.