Lucid Group (NASDAQ:LCID) Trading 4.2% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded up 4.2% during trading on Thursday . The company traded as high as $9.96 and last traded at $9.96. 3,989,860 shares were traded during mid-day trading, a decline of 43% from the average session volume of 7,037,864 shares. The stock had previously closed at $9.56.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Cantor Fitzgerald dropped their target price on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Citigroup started coverage on Lucid Group in a research report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price objective on the stock. Robert W. Baird set a $14.00 target price on Lucid Group in a research report on Tuesday, January 6th. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $13.14.

Lucid Group Stock Performance

The company’s 50 day moving average price is $10.23 and its 200-day moving average price is $13.89. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The company has a market cap of $3.26 billion, a PE ratio of -0.82 and a beta of 1.16.

Institutional Trading of Lucid Group

A number of large investors have recently bought and sold shares of LCID. Valeo Financial Advisors LLC lifted its position in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the last quarter. Brown Advisory Inc. grew its stake in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares during the period. Silverlake Wealth Management LLC purchased a new stake in Lucid Group in the 2nd quarter worth about $39,000. Jump Financial LLC purchased a new stake in Lucid Group in the 2nd quarter worth about $41,000. Finally, Victory Financial Group LLC bought a new stake in Lucid Group in the 2nd quarter valued at about $46,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.