Lucid Group (NASDAQ:LCID) Stock Price Up 0.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 0.2% during trading on Monday . The company traded as high as $2.89 and last traded at $2.84. 17,068,223 shares traded hands during trading, a decline of 78% from the average session volume of 78,014,516 shares. The stock had previously closed at $2.83.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LCID. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Benchmark initiated coverage on Lucid Group in a research report on Wednesday. They issued a “buy” rating and a $5.00 target price on the stock. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.24.

Lucid Group Stock Performance

The firm’s 50 day moving average is $2.85 and its 200-day moving average is $2.98. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of -2.14 and a beta of 0.93. 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

Several institutional investors and hedge funds have recently modified their holdings of the business. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC purchased a new position in shares of Lucid Group during the 3rd quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. grew its stake in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the period. CWM LLC increased its holdings in Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after acquiring an additional 249,500 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.