Lucid Group (NASDAQ:LCID) Stock Price Up 7.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 7.1% during mid-day trading on Tuesday . The stock traded as high as $3.55 and last traded at $3.55. 39,941,069 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 79,108,445 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Benchmark assumed coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price objective for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.24.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a fifty day moving average price of $2.94 and a two-hundred day moving average price of $2.97. The stock has a market capitalization of $10.48 billion, a PE ratio of -2.60 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the business. 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 increased its holdings in 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 purchasing an additional 4,296 shares during the period. Sei Investments Co. increased its holdings in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after purchasing an additional 4,431 shares during the period. Voya Investment Management LLC increased its holdings in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after purchasing an additional 4,591 shares during the period. Finally, Greenleaf Trust increased its holdings in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.