Lucid Group (NASDAQ:LCID) Shares Up 3.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 3.6% on Friday . The company traded as high as $10.73 and last traded at $10.28. 6,166,831 shares were traded during trading, a decline of 23% from the average session volume of 7,981,852 shares. The stock had previously closed at $9.92.

Analyst Ratings Changes

A number of brokerages have commented on LCID. Stifel Nicolaus decreased their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada decreased their price target on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average target price of $18.92.

Lucid Group Price Performance

The stock has a market cap of $3.33 billion, a P/E ratio of -0.96 and a beta of 1.16. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The business has a 50 day simple moving average of $11.21 and a 200-day simple moving average of $16.68.

Institutional Trading of Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group during the 3rd quarter valued at approximately $1,361,978,000. Geode Capital Management LLC raised its holdings in shares of Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares during the period. Uber Technologies Inc bought a new position in Lucid Group during the third quarter valued at $326,283,000. Marshall Wace LLP grew its holdings in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Lucid Group by 39.2% in 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 buying an additional 3,465,542 shares during 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.