Lucid Group (NASDAQ:LCID) Stock Price Up 2.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 2.9% during trading on Thursday . The company traded as high as $2.42 and last traded at $2.33. Approximately 53,854,987 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 83,877,336 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

LCID has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Royal Bank of Canada lowered their price target on 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. Benchmark assumed coverage on Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.73.

Lucid Group Stock Performance

The company has a market capitalization of $6.69 billion, a P/E ratio of -1.66 and a beta of 0.93. 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 has a 50 day moving average price of $2.96 and a two-hundred day moving average price of $2.96.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group during the 4th quarter valued at $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group during the 4th quarter valued at $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group during the 4th quarter valued at $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.