Lucid Group (NASDAQ:LCID) Stock Price Up 2.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 2.9% on Thursday . The stock traded as high as $2.42 and last traded at $2.33. Approximately 53,854,987 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 83,877,336 shares. The stock had previously closed at $2.26.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of research reports. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a research report on Wednesday. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average price target of $2.73.

Lucid Group Price Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a 50 day moving average price of $2.96 and a 200 day moving average price of $2.96. The company has a market capitalization of $6.69 billion, a P/E ratio of -1.66 and a beta of 0.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Public Investment Fund boosted its stake in shares of Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. boosted its stake in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP boosted its stake in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the period. Renaissance Technologies LLC boosted its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in Lucid Group in the 4th quarter valued at $34,123,000. 75.17% of the stock is currently owned by institutional investors.

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.