Lucid Group (NASDAQ:LCID) Trading 0.7% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 0.7% on Monday . The stock traded as high as $2.25 and last traded at $2.17. Approximately 33,960,752 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 87,273,297 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

Several research firms have commented on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. TD Cowen started coverage on shares of Lucid Group in a research report on Friday. They set a “hold” rating and a $2.30 price target for the company. Finally, Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

The company has a market cap of $6.26 billion, a P/E ratio of -1.55 and a beta of 0.97. 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 business has a fifty day simple moving average of $2.85 and a two-hundred day simple moving average of $2.91.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio increased its position in Lucid Group by 5.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after buying an additional 17,230 shares in the last quarter. Alpine Global Management LLC raised its stake in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after acquiring an additional 4,653 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Lucid Group by 23.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock valued at $7,890,000 after purchasing an additional 504,171 shares in the last quarter. Waverly Advisors LLC bought a new position in shares of Lucid Group in the fourth quarter worth approximately $35,000. Finally, Worldquant Millennium Advisors LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth $5,390,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.