Lucid Group (NASDAQ:LCID) Trading Up 2.2% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price rose 2.2% during trading on Wednesday . The stock traded as high as $2.27 and last traded at $2.14. Approximately 56,285,453 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 89,133,313 shares. The stock had previously closed at $2.09.

Analysts Set New Price Targets

Several research firms recently weighed in on LCID. TD Cowen began coverage on Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus decreased their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Performance

The stock has a market capitalization of $6.56 billion, a P/E ratio of -1.62 and a beta of 0.97. 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 business's fifty day moving average price is $2.81 and its two-hundred day moving average price is $2.89.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its holdings in Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC lifted its holdings in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after buying an additional 4,653 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Lucid Group by 23.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock worth $7,890,000 after acquiring an additional 504,171 shares in the last quarter. Waverly Advisors LLC purchased a new position in shares of Lucid Group during the fourth quarter worth approximately $35,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $5,390,000. 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.

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