Lucid Group (NASDAQ:LCID) Shares Up 3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 3% during mid-day trading on Friday . The company traded as high as $2.40 and last traded at $2.38. Approximately 68,255,068 shares were traded during trading, an increase of 11% from the average daily volume of 61,403,298 shares. The stock had previously closed at $2.31.

Wall Street Analyst Weigh In

LCID has been the topic of a number of analyst reports. Cowen assumed coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Benchmark restated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Finally, TD Cowen assumed coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The company has a market capitalization of $7.21 billion, a PE ratio of -1.78 and a beta of 0.88. The stock has a 50 day moving average price of $2.48 and a two-hundred day moving average price of $2.62. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. Grimes & Company Inc. acquired a new position in Lucid Group during the first quarter worth $27,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group during the 4th quarter valued at about $28,000. Accredited Investors Inc. bought a new position in shares of Lucid Group in the 4th quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group in the 4th quarter worth approximately $31,000. Finally, DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter valued at approximately $31,000. 75.17% of the stock is owned by institutional investors.

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.