Lucid Group (NASDAQ:LCID) Trading Up 3.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 3.7% on Friday . The company traded as high as $2.11 and last traded at $2.11. 36,484,746 shares were traded during mid-day trading, a decline of 59% from the average session volume of 89,738,031 shares. The stock had previously closed at $2.03.

Wall Street Analyst Weigh In

LCID has been the topic of several recent research reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday, February 26th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Redburn Atlantic cut shares of 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. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Up 2.7 %

The company has a market cap of $6.32 billion, a P/E ratio of -1.56 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 business’s fifty day moving average is $2.77 and its two-hundred day moving average is $2.87.

Institutional Trading of Lucid Group

A number of large investors have recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position 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 worth $43,000 after buying an additional 4,296 shares in the last quarter. Sei Investments Co. increased its stake in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after buying an additional 4,431 shares during the period. Voya Investment Management LLC raised its holdings in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares in the last quarter. Finally, Alpine Global Management LLC lifted its stake in Lucid Group by 7.4% in the fourth 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. 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.