Lucid Group (NASDAQ:LCID) Trading 11.7% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCIDGet Free Report) shares traded up 11.7% on Tuesday . The stock traded as high as $2.48 and last traded at $2.41. 74,279,606 shares were traded during mid-day trading, an increase of 40% from the average session volume of 52,938,600 shares. The stock had previously closed at $2.16.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research report on Tuesday. Finally, Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.69.

Read Our Latest Report on LCID

Lucid Group Trading Up 11.9 %

The firm has a market capitalization of $7.33 billion, a P/E ratio of -1.80 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 50-day moving average price of $2.72 and a 200-day moving average price of $2.83.

Institutional Trading of Lucid Group

A number of large investors have recently bought and sold shares of LCID. Public Investment Fund grew its position in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its position in Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after acquiring an additional 26,172,852 shares during the period. Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the period. Renaissance Technologies LLC grew its position in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in Lucid Group in the fourth quarter valued at $34,123,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

(Get Free Report)

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.

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