Lucid Group (NASDAQ:LCID) Stock Price Up 8.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 8.3% on Tuesday . The company traded as high as $2.63 and last traded at $2.62. Approximately 42,635,550 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 55,756,608 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LCID. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Friday. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus lowered their target price 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. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The firm has a market capitalization of $7.56 billion, a PE ratio of -1.86 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 stock has a fifty day moving average price of $2.59 and a 200-day moving average price of $2.73.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group during the 4th quarter worth approximately $28,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the fourth quarter worth $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth $31,000. Finally, First National Corp MA ADV purchased a new position in Lucid Group during the 4th quarter worth $32,000. 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.