Lucid Group (NASDAQ:LCID) Shares Climb 10.4% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 10.4% during mid-day trading on Friday. The stock traded as high as $3.29 and last traded at $3.29. Approximately 9,776,697 shares changed hands during trading, a decline of 26% from the average daily volume of 13,231,820 shares. The stock had previously closed at $2.98.

Wall Street Analysts Forecast Growth

LCID has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Citigroup dropped their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. UBS Group restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, October 6th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Price Performance

The firm has a market capitalization of $1.30 billion, a P/E ratio of -0.24 and a beta of 0.80. The business’s 50-day moving average is $3.86 and its 200 day moving average is $6.73.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc raised its holdings in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after acquiring an additional 3,497 shares in the last quarter. Allworth Financial LP lifted its position in shares of Lucid Group by 249.9% during the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after acquiring an additional 2,864 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares in the last quarter. Nykredit A S acquired a new stake in shares of Lucid Group during the 2nd quarter worth $47,000. Finally, Brighton Jones LLC bought a new position in shares of Lucid Group in the third quarter worth $72,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.