Lucid Group (NASDAQ:LCID) Stock Price Up 7.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares rose 7.1% during trading on Tuesday . The stock traded as high as $3.55 and last traded at $3.55. Approximately 39,941,069 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 79,108,445 shares. The stock had previously closed at $3.31.

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Benchmark started coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $3.24.

Lucid Group Stock Up 5.1 %

The company has a 50-day moving average price of $2.94 and a 200 day moving average price of $2.97. The firm has a market capitalization of $10.48 billion, a PE ratio of -2.60 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently made changes to their positions in LCID. Public Investment Fund lifted its position in shares of Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. boosted its stake in 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 buying an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP boosted its stake in Lucid Group by 4,320.7% during 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. Renaissance Technologies LLC boosted its stake in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP bought a new position in Lucid Group during the fourth quarter valued at approximately $34,123,000. 75.17% of the stock is currently owned by hedge funds and other 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.