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

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

Analyst Upgrades and Downgrades

Several analysts have commented on LCID shares. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Benchmark reiterated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Stifel Nicolaus reduced their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The stock has a 50-day simple moving average of $2.67 and a 200 day simple moving average of $2.79. The company has a market cap of $7.47 billion, a PE ratio of -1.83 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $28,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the 4th quarter worth $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group in the 4th quarter valued at about $31,000. DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter worth approximately $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group during the 4th quarter worth $32,000. Institutional investors and hedge funds 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.