Lucid Group (NASDAQ:LCID) Trading 1.6% Higher - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 1.6% during mid-day trading on Monday . The company traded as high as $2.31 and last traded at $2.26. 26,785,089 shares changed hands during trading, a decline of 69% from the average session volume of 85,571,141 shares. The stock had previously closed at $2.22.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of research reports. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and cut their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Benchmark began coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price target on the stock. Finally, Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and cut their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.73.

Lucid Group Trading Down 4.5 %

The firm has a market cap of $6.38 billion, a price-to-earnings ratio of -1.58 and a beta of 0.93. 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 business has a 50-day moving average of $2.96 and a 200-day moving average of $2.95.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LCID. Creative Planning grew its stake in shares of Lucid Group by 54.3% in the third quarter. Creative Planning now owns 224,031 shares of the company's stock valued at $791,000 after buying an additional 78,839 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Lucid Group in the third quarter valued at $192,000. Latko Wealth Management Ltd. bought a new position in shares of Lucid Group in the 3rd quarter valued at about $39,000. Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter worth about $38,000. Finally, Axim Planning & Wealth acquired a new position in shares of Lucid Group during the 3rd quarter worth about $48,000. Institutional investors and hedge funds 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.

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