Lucid Group (NASDAQ:LCID) Stock Price Up 1.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 1.2% during trading on Monday . The stock traded as high as $2.18 and last traded at $2.12. Approximately 24,690,900 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 89,263,328 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

LCID has been the topic of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Stifel Nicolaus decreased their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, February 26th. Three research 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Stock Performance

The firm has a market capitalization of $6.50 billion, a PE ratio of -1.60 and a beta of 0.97. The business has a 50-day simple moving average of $2.75 and a 200-day simple moving average of $2.84. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LCID. Public Investment Fund grew its stake in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Lucid Group during the fourth quarter valued at approximately $34,123,000. 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.