Lucid Group (NASDAQ:LCID) Trading Up 1.5% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 1.5% during mid-day trading on Monday . The stock traded as high as $3.42 and last traded at $3.31. Approximately 80,207,315 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 70,537,840 shares. The stock had previously closed at $3.26.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LCID. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Benchmark assumed coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price for the company. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.24.

Lucid Group Trading Up 1.5 %

The firm’s fifty day moving average price is $2.91 and its 200-day moving average price is $2.97. The company has a market cap of $9.97 billion, a price-to-earnings ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Trading of Lucid Group

Large investors have recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co lifted its stake in Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after acquiring an additional 3,816 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Lucid Group by 43.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after purchasing an additional 4,296 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Lucid Group by 14.0% in the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after purchasing an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after purchasing an additional 4,591 shares in the last quarter. Finally, Greenleaf Trust increased its position in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after buying an additional 4,604 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.