Lucid Group (NASDAQ:LCID) Shares Up 4.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 4.3% during trading on Tuesday . The stock traded as high as $10.40 and last traded at $10.32. Approximately 6,039,464 shares changed hands during trading, a decline of 19% from the average daily volume of 7,467,282 shares. The stock had previously closed at $9.89.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LCID. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Bank of America started coverage on Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price target on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $10.00 price objective on shares of Lucid Group in a research note on Wednesday, February 25th. Cantor Fitzgerald cut their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 25th. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. One research analyst has 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 a consensus rating of “Reduce” and an average target price of $12.50.

Lucid Group Stock Performance

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 stock has a market cap of $3.38 billion, a PE ratio of -0.85 and a beta of 1.12. The firm has a fifty day moving average price of $10.43 and a 200 day moving average price of $14.69.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the business. Corient Private Wealth LLC acquired a new position in shares of Lucid Group during the fourth quarter valued at about $118,000. Caitong International Asset Management Co. Ltd acquired a new stake in Lucid Group in the 4th quarter worth approximately $77,000. Alpine Global Management LLC raised its holdings in shares of Lucid Group by 561.7% in the fourth quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock worth $171,000 after buying an additional 19,660 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Lucid Group in the fourth quarter worth $1,355,000. Finally, Invesco Ltd. lifted its stake in shares of Lucid Group by 61.6% during the fourth quarter. Invesco Ltd. now owns 499,053 shares of the company’s stock worth $5,275,000 after buying an additional 190,193 shares during the period. Hedge funds and other 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.