Lucid Group (NASDAQ:LCID) Stock Price Up 28.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 28.8% during mid-day trading on Wednesday . The company traded as high as $6.02 and last traded at $5.95. 55,895,814 shares traded hands during mid-day trading, an increase of 309% from the average daily volume of 13,661,307 shares. The stock had previously closed at $4.62.

Lucid Group News Summary

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid forcefully denied bankruptcy rumors, calming some investor panic and triggering a rebound after the stock’s sharp plunge. Lucid rejects take-private, bankruptcy report after shares plunge
• Positive Sentiment: Management said Lucid has enough liquidity and is funded well into next year, which eased immediate solvency concerns. Lucid Stock Jumps 16%. The EV Maker Is ‘Funded Well Into Next Year.’
• Neutral Sentiment: Lucid acknowledged working with restructuring adviser AlixPartners, but said that does not mean bankruptcy is being considered. Lucid Funded ‘Well Into Next Year.’ The Stock Is Down Again.
• Negative Sentiment: The company still faces heavy skepticism about its cash needs, debt load, and long-term viability in a difficult EV market, which is keeping pressure on the shares. Lucid denied bankruptcy rumors. Its make-or-break midsize EV is still a race against time.
• Negative Sentiment: Fresh securities class action notices and lead-plaintiff deadline reminders add legal overhang for investors and may weigh on sentiment. LCID INVESTOR DEADLINE APPROACHING

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent research reports. TD Cowen dropped their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 target price on shares of Lucid Group in a research note on Monday, May 4th. Finally, Robert W. Baird set a $6.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $9.56.

Lucid Group Stock Up 28.8%

The company has a market cap of $2.32 billion, a P/E ratio of -0.45 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The business’s 50 day moving average price is $5.77 and its 200-day moving average price is $8.36.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently bought and sold shares of LCID. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group in the 3rd quarter worth $1,361,978,000. Uber Technologies Inc acquired a new stake in Lucid Group during the 3rd quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock worth $9,465,000 after acquiring an additional 2,167,882 shares in 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.