Lucid Group (NASDAQ:LCID) Sees Large Volume Increase – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) saw strong trading volume on Tuesday . 61,189,856 shares were traded during mid-day trading, an increase of 16% from the previous session’s volume of 52,894,059 shares.The stock last traded at $2.45 and had previously closed at $2.16.

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research note on Tuesday. Finally, Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and cut their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Trading Up 3.8 %

The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of -1.82 and a beta of 0.97. The business’s 50 day moving average price is $2.70 and its 200-day moving average price is $2.82. 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 Trading of Lucid Group

Large investors have recently bought and sold shares of the company. Public Investment Fund grew its holdings in Lucid Group by 28.8% during the 4th 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. increased its position in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC grew its holdings 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 worth $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of Lucid Group in the fourth quarter valued at approximately $34,123,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.