Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) saw unusually-strong trading volume on Tuesday . Approximately 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.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark reiterated a “buy” rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, TD Cowen assumed coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price target for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 3.8 %

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 firm has a market cap of $7.40 billion, a P/E ratio of -1.82 and a beta of 0.97. The firm’s 50-day moving average price is $2.70 and its 200 day moving average price is $2.82.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the company. Public Investment Fund lifted its position in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC boosted its position in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% in 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 during the period. Finally, Two Sigma Investments LP lifted its stake in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. 75.17% of the stock is currently 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.