Lucid Group (NASDAQ:LCID) Stock Price Up 3.1% – Here’s Why
by Michael Walen · The Markets DailyLucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares rose 3.1% during mid-day trading on Wednesday . The stock traded as high as $10.90 and last traded at $10.68. Approximately 3,995,810 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 7,203,280 shares. The stock had previously closed at $10.36.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on LCID shares. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a report on Wednesday, February 25th. Finally, Cantor Fitzgerald decreased their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $13.14.
Read Our Latest Report on Lucid Group
Lucid Group Price Performance
The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. The business’s 50-day simple moving average is $10.31 and its two-hundred day simple moving average is $14.26. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -0.88 and a beta of 1.12.
Institutional Investors Weigh In On Lucid Group
Several large investors have recently modified their holdings of the company. Leonteq Securities AG bought a new position in Lucid Group during the fourth quarter worth $67,000. Caitong International Asset Management Co. Ltd bought a new stake in Lucid Group during the fourth quarter valued at $77,000. Eurizon Capital SGR S.p.A. acquired a new stake in Lucid Group during the 4th quarter worth about $86,000. HITE Hedge Asset Management LLC acquired a new stake in Lucid Group during the 3rd quarter worth about $212,000. Finally, Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group in the 3rd quarter worth about $238,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.
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.