Lucid Group (NASDAQ:LCID) Shares Up 3.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 3.2% during mid-day trading on Monday . The stock traded as high as $6.66 and last traded at $6.50. Approximately 8,003,399 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 14,099,863 shares. The stock had previously closed at $6.30.

Wall Street Analyst Weigh In

A number of research firms recently commented on LCID. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Robert W. Baird set a $6.00 price objective on Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $9.56.

Lucid Group Trading Up 3.2%

The stock has a market capitalization of $2.54 billion, a P/E ratio of -0.49 and a beta of 0.83. The stock’s fifty day moving average price is $5.86 and its two-hundred day moving average price is $8.11. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.

Institutional Trading of Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. SG Americas Securities LLC grew its stake in shares of Lucid Group by 65.9% during the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after buying an additional 71,966 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 buying an additional 701,826 shares during the period. Virtu Financial LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $1,355,000. Calamos Advisors LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $1,586,000. Finally, FourThought Financial Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $208,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.