Lucid Group (NASDAQ:LCID) Trading 4.2% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 4.2% during trading on Tuesday . The company traded as high as $9.66 and last traded at $9.53. Approximately 4,373,934 shares traded hands during trading, a decline of 39% from the average daily volume of 7,123,397 shares. The stock had previously closed at $9.15.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCID. Cantor Fitzgerald lowered their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Citigroup started coverage on Lucid Group in a research report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 target price on the stock. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Bank of America started coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target for the company. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $10.00 price objective on shares of Lucid Group in a research note on Wednesday, February 25th. 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. According to MarketBeat, Lucid Group has an average rating of “Reduce” and an average target price of $13.14.

Lucid Group Price Performance

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions 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. Uber Technologies Inc purchased a new position in Lucid Group during the third quarter valued at approximately $326,283,000. Marshall Wace LLP lifted 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 purchasing an additional 3,465,542 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after purchasing an additional 701,826 shares during the period. 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.