Lucid Group (NASDAQ:LCID) Trading Up 3.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 3.1% during trading on Wednesday . The stock traded as high as $10.90 and last traded at $10.68. Approximately 3,995,810 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 7,203,280 shares. The stock had previously closed at $10.36.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LCID. Bank of America assumed coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $10.00 price objective on shares of Lucid Group in a report on Wednesday, February 25th. Cantor Fitzgerald cut their price objective on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Finally, Citigroup started coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price target on the stock. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $13.14.

Lucid Group Stock Performance

The company has a market cap of $3.08 billion, a P/E ratio of -0.77 and a beta of 1.12. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The business has a fifty day simple moving average of $10.30 and a two-hundred day simple moving average of $14.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. purchased a new position in Lucid Group during the fourth quarter valued at $158,000. Corient Private Wealth LLC purchased a new position in shares of Lucid Group during the 4th quarter valued at about $118,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Lucid Group during the 4th quarter valued at about $77,000. Alpine Global Management LLC grew its stake in shares of Lucid Group by 561.7% during the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after acquiring an additional 19,660 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Lucid Group in the 4th quarter worth approximately $1,355,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.