Lucid Group (NASDAQ:LCID) Trading Up 5.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shot up 5.7% during mid-day trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.49. 51,965,547 shares traded hands during trading, a decline of 3% from the average session volume of 53,489,575 shares. The stock had previously closed at $2.35.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LCID. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a report on Tuesday. Cantor Fitzgerald restated 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 report on Wednesday, February 26th. Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Trading Up 5.5 %

The company has a market cap of $7.29 billion, a PE ratio of -1.79 and a beta of 0.97. The business has a 50 day simple moving average of $2.68 and a two-hundred day simple moving average of $2.81. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Public Investment Fund lifted its stake in shares of Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% in the 4th 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 period. Geode Capital Management LLC raised its position in shares of Lucid Group by 31.4% in the 4th 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 period. Renaissance Technologies LLC raised its position in shares of Lucid Group by 342.7% in the 4th 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 raised its position in shares of Lucid Group by 4,320.7% in the 4th 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 period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.