Lucid Group (NASDAQ:LCID) Trading 2.8% Higher - What's Next?

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

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, April 3rd. Robert W. Baird upped their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday. TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and reduced their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Lucid Group currently has an average rating of "Hold" and a consensus price target of $2.69.

Lucid Group Price Performance

The company has a market capitalization of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.88. The business has a 50 day simple moving average of $2.48 and a 200-day simple moving average of $2.61. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC purchased a new position in Lucid Group during the first quarter valued at approximately $25,000. Grimes & Company Inc. bought a new stake in shares of Lucid Group in the 1st quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the 4th quarter worth $30,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Lucid Group during the 4th quarter valued at $31,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.