Lucid Group (NASDAQ:LCID) Trading 11.7% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 11.7% during trading on Tuesday . The company traded as high as $2.48 and last traded at $2.41. 74,279,606 shares changed hands during mid-day trading, an increase of 40% from the average session volume of 52,938,600 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

A number of research firms have commented on LCID. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective on the stock. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective on the stock in a research note on Tuesday. Finally, Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Up 11.9 %

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 market cap of $7.33 billion, a price-to-earnings ratio of -1.80 and a beta of 0.97. The firm has a 50 day moving average price of $2.72 and a 200-day moving average price of $2.83.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group in the fourth quarter valued at about $28,000. Accredited Investors Inc. bought a new stake in Lucid Group in the fourth quarter valued at about $30,000. Proficio Capital Partners LLC bought a new stake in Lucid Group in the fourth quarter valued at about $31,000. DRW Securities LLC bought a new stake in Lucid Group in the fourth quarter valued at about $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group in the fourth quarter valued at about $32,000. 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.