Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares saw unusually-strong trading volume on Thursday . Approximately 51,619,713 shares changed hands during trading, a decline of 9% from the previous session’s volume of 56,643,703 shares.The stock last traded at $2.37 and had previously closed at $2.40.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LCID. Cowen began coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating for the company. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Stifel Nicolaus dropped their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The business has a 50 day moving average of $2.56 and a 200-day moving average of $2.71. The company has a market capitalization of $6.91 billion, a P/E ratio of -1.70 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in LCID. California State Teachers Retirement System grew its holdings in shares of Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock worth $2,654,000 after purchasing an additional 8,023 shares in the last quarter. 111 Capital purchased a new position in shares of Lucid Group in the 4th quarter worth about $52,000. Public Employees Retirement System of Ohio raised its holdings in shares of Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after buying an additional 17,230 shares in the last quarter. Alpine Global Management LLC lifted its position in Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after buying an additional 4,653 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Lucid Group by 23.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after buying an additional 504,171 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.