Lucid Group (NASDAQ:LCID) Stock Price Up 4.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 4.2% during mid-day trading on Friday . The company traded as high as $2.37 and last traded at $2.38. 30,533,638 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 54,064,280 shares. The stock had previously closed at $2.28.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LCID. Benchmark reissued a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price on the stock in a research note on Tuesday, March 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Two research 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 data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

The company has a market capitalization of $7.34 billion, a PE ratio of -1.81 and a beta of 0.97. The business’s 50-day moving average is $2.67 and its 200-day moving average is $2.79. 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 Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Public Investment Fund raised its holdings in Lucid Group by 28.8% in the fourth 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. raised its holdings in Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC raised its holdings in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its holdings 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 last quarter. Finally, Two Sigma Investments LP raised its holdings 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 worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

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.