Lucid Group (NASDAQ:LCID) Trading 1.5% Higher on Analyst Upgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 1.5% during trading on Tuesday after Robert W. Baird raised their price target on the stock from $2.00 to $3.00. Robert W. Baird currently has a neutral rating on the stock. Lucid Group traded as high as $2.38 and last traded at $2.36. Approximately 21,296,311 shares traded hands during trading, a decline of 65% from the average daily volume of 61,606,953 shares. The stock had previously closed at $2.32.

LCID has been the topic of several other research reports. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a report on Tuesday, March 18th. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Thursday, April 3rd. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic downgraded shares of 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, Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Lucid Group presently has an average rating of "Hold" and a consensus price target of $2.68.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sterling Investment Counsel LLC purchased a new position in shares of Lucid Group during the 1st quarter valued at $25,000. Grimes & Company Inc. bought a new stake in shares of Lucid Group during the 1st quarter valued at about $27,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth about $28,000. Accredited Investors Inc. bought a new position in shares of Lucid Group in the fourth quarter worth approximately $30,000. Finally, Proficio Capital Partners LLC bought a new stake in Lucid Group during the fourth quarter valued at approximately $31,000. Institutional investors own 75.17% of the company's stock.

Lucid Group Trading Up 2.0 %

The stock's 50 day simple moving average is $2.40 and its 200 day simple moving average is $2.59. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market cap of $7.58 billion, a PE ratio of -1.87 and a beta of 0.88.

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.