Lucid Group (NASDAQ:LCID) Trading 3.1% Higher - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded up 3.1% during mid-day trading on Thursday . The company traded as high as $2.51 and last traded at $2.47. 26,841,884 shares were traded during mid-day trading, a decline of 57% from the average session volume of 62,225,122 shares. The stock had previously closed at $2.39.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on LCID shares. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday, April 3rd. Morgan Stanley upgraded 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 report on Tuesday, March 18th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock 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 firm has a market capitalization of $7.44 billion, a PE ratio of -1.83 and a beta of 0.88. The firm has a 50-day moving average price of $2.43 and a 200 day moving average price of $2.60.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Public Investment Fund boosted its position in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after buying an additional 396,188,386 shares during the period. Vanguard Group Inc. lifted its position in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of Lucid Group during the 4th quarter worth about $34,123,000. 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.

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