Lucid Group (NASDAQ:LCID) Stock Price Up 1.1% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 1.1% on Friday . The company traded as high as $2.27 and last traded at $2.26. Approximately 47,282,127 shares changed hands during trading, a decline of 44% from the average daily volume of 84,598,109 shares. The stock had previously closed at $2.23.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on LCID shares. Benchmark started coverage on Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a research report on Wednesday. Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Stifel Nicolaus dropped 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. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and an average price target of $2.73.

Lucid Group Price Performance

The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The stock has a fifty day simple moving average of $2.96 and a 200-day simple moving average of $2.96. 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 large investors have recently bought and sold shares of LCID. Creative Planning lifted its holdings in Lucid Group by 54.3% in the third quarter. Creative Planning now owns 224,031 shares of the company’s stock valued at $791,000 after acquiring an additional 78,839 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Lucid Group in the third quarter valued at approximately $192,000. Latko Wealth Management Ltd. acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $39,000. Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $38,000. Finally, Axim Planning & Wealth acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $48,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.