Lucid Group (NASDAQ:LCID) Stock Price Up 2.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2.7% on Monday . The stock traded as high as $2.51 and last traded at $2.49. Approximately 20,868,661 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 54,459,023 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on LCID. Stifel Nicolaus decreased their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price 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 cut their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Cowen initiated coverage on Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Two equities research 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $2.69.

Lucid Group Price Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market cap of $7.47 billion, a P/E ratio of -1.83 and a beta of 0.97. The business’s fifty day simple moving average is $2.67 and its 200-day simple moving average is $2.79.

Institutional Trading of Lucid Group

Institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in Lucid Group by 0.9% during the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock valued at $2,654,000 after acquiring an additional 8,023 shares in the last quarter. 111 Capital bought a new position in Lucid Group in the 4th quarter worth $52,000. Public Employees Retirement System of Ohio grew its stake in Lucid Group by 5.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after acquiring an additional 17,230 shares in the last quarter. Alpine Global Management LLC lifted its position in Lucid Group by 7.4% during the fourth 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Lucid Group by 23.9% during 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 valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Hedge funds and other institutional investors 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.