Lucid Group (NASDAQ:LCID) Trading 2.7% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) was up 2.7% during trading on Monday . The company traded as high as $2.51 and last traded at $2.49. Approximately 20,868,661 shares were traded during trading, a decline of 62% from the average daily volume of 54,459,023 shares. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Stifel Nicolaus decreased their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

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 company has a market capitalization of $7.37 billion, a PE ratio of -1.81 and a beta of 0.97. The company has a 50 day moving average price of $2.65 and a 200 day moving average price of $2.77.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LCID. California State Teachers Retirement System lifted its position in shares of Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock worth $2,654,000 after purchasing an additional 8,023 shares during the last quarter. 111 Capital acquired a new stake in Lucid Group during the fourth quarter valued at approximately $52,000. Public Employees Retirement System of Ohio lifted 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 worth $1,026,000 after buying an additional 17,230 shares during the last quarter. Alpine Global Management LLC grew its position in shares of Lucid Group by 7.4% in 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 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 valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.