Lucid Group (NASDAQ:LCID) Trading 3.5% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 3.5% on Wednesday . The company traded as high as $2.81 and last traded at $2.79. Approximately 18,676,258 shares changed hands during trading, a decline of 75% from the average daily volume of 75,550,320 shares. The stock had previously closed at $2.69.

Analysts Set New Price Targets

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

Lucid Group Stock Up 5.4 %

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 firm has a 50 day simple moving average of $2.85 and a 200-day simple moving average of $2.98. The stock has a market cap of $8.54 billion, a P/E ratio of -2.12 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its stake in shares of Lucid Group by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 257,027 shares of the company’s stock valued at $671,000 after acquiring an additional 7,536 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Lucid Group by 40.2% in the second quarter. Truist Financial Corp now owns 37,760 shares of the company’s stock valued at $99,000 after buying an additional 10,828 shares during the period. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the second quarter worth approximately $26,000. SG Americas Securities LLC acquired a new position in Lucid Group in the 3rd quarter valued at $537,000. Finally, CWM LLC lifted its position in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares during the period. 75.17% of the stock is owned by institutional investors.

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.