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

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 1.2% during mid-day 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.

Wall Street Analysts Forecast Growth

LCID has been the topic of several research analyst reports. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price objective 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. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada dropped their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The business has a fifty day simple moving average of $2.75 and a two-hundred 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. The company has a market cap of $6.50 billion, a PE ratio of -1.60 and a beta of 0.97.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Caprock Group LLC lifted its holdings in shares of Lucid Group by 7.4% during the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company’s stock valued at $671,000 after purchasing an additional 13,159 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after purchasing an additional 6,374 shares during the last quarter. FMR LLC lifted its holdings in shares of Lucid Group by 47.5% during the 3rd quarter. FMR LLC now owns 149,987 shares of the company’s stock valued at $529,000 after purchasing an additional 48,304 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new stake in shares of Lucid Group during the 3rd quarter valued at $75,000. Hedge funds and other 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.