Lucid Group (NASDAQ:LCID) Trading Up 13.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 13.4% during mid-day trading on Thursday . The company traded as high as $3.29 and last traded at $3.26. 62,407,233 shares changed hands during trading, a decline of 19% from the average daily volume of 77,363,797 shares. The stock had previously closed at $2.87.

Analysts Set New Price Targets

A number of equities analysts have recently commented on LCID shares. 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada lowered their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Benchmark started coverage on shares of Lucid Group in a research note on Wednesday. They set a “buy” rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.24.

Lucid Group Stock Up 13.4 %

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 firm’s 50-day simple moving average is $2.86 and its 200-day simple moving average is $2.98. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of -2.43 and a beta of 0.93.

Institutional Trading of Lucid Group

Several institutional investors have recently made changes to their positions in LCID. Rockefeller Capital Management L.P. boosted its position in Lucid Group by 86.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 219,364 shares of the company’s stock valued at $662,000 after buying an additional 101,600 shares in the last quarter. Sterling Capital Management LLC boosted its position in Lucid Group by 75.1% in the fourth quarter. Sterling Capital Management LLC now owns 59,259 shares of the company’s stock valued at $179,000 after buying an additional 25,421 shares in the last quarter. Quinn Opportunity Partners LLC acquired a new position in Lucid Group in the fourth quarter valued at about $2,253,000. Accredited Investors Inc. acquired a new position in Lucid Group in the fourth quarter valued at about $30,000. Finally, Treasurer of the State of North Carolina boosted its position in Lucid Group by 12.1% in the fourth quarter. Treasurer of the State of North Carolina now owns 434,671 shares of the company’s stock valued at $1,313,000 after buying an additional 46,855 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.