Lucid Group (NASDAQ:LCID) Shares Up 3.6% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shot up 3.6% during trading on Friday . The company traded as high as $10.73 and last traded at $10.28. 6,166,831 shares changed hands during trading, a decline of 23% from the average session volume of 7,981,852 shares. The stock had previously closed at $9.92.

Analysts Set New Price Targets

LCID has been the subject of several recent research reports. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Royal Bank Of Canada lowered their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. Stifel Nicolaus dropped their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Up 3.6%

The stock has a fifty day simple moving average of $11.21 and a two-hundred day simple moving average of $16.68. The firm has a market cap of $3.33 billion, a PE ratio of -0.96 and a beta of 1.16. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares during the period. AQR Capital Management LLC raised its position in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after buying an additional 254,551 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after buying an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its position in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Lucid Group by 11.3% in the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.