Lucid Group (NASDAQ:LCID) Stock Price Up 0.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 0.7% during mid-day trading on Monday . The company traded as high as $2.25 and last traded at $2.17. 33,960,752 shares were traded during trading, a decline of 61% from the average session volume of 87,273,297 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

Several research analysts recently weighed in on LCID shares. Benchmark restated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Stifel Nicolaus cut their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

The company has a market cap of $6.26 billion, a P/E ratio of -1.55 and a beta of 0.97. The business has a fifty day moving average of $2.85 and a 200 day moving average of $2.91. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its holdings in Lucid Group by 5.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after buying an additional 17,230 shares during the period. Alpine Global Management LLC lifted its stake in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Lucid Group by 23.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after purchasing an additional 504,171 shares during the period. Waverly Advisors LLC bought a new position in Lucid Group in the fourth quarter worth $35,000. Finally, Worldquant Millennium Advisors LLC purchased a new position in Lucid Group during the fourth quarter valued at $5,390,000. Institutional investors own 75.17% of the company’s stock.

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.