Lucid Group (NASDAQ:LCID) Shares Up 2.5% – Here’s What Happened
by Sarita Garza · The Markets DailyLucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price shot up 2.5% during trading on Monday . The company traded as high as $10.57 and last traded at $10.31. 5,201,134 shares were traded during mid-day trading, a decline of 29% from the average session volume of 7,325,979 shares. The stock had previously closed at $10.06.
Analyst Upgrades and Downgrades
LCID has been the subject of several analyst reports. Cantor Fitzgerald lowered their target price on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of Lucid Group in a research report on Wednesday, February 25th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Citigroup assumed coverage on Lucid Group in a report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price target on the stock. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average target price of $13.14.
Get Our Latest Stock Report on Lucid Group
Lucid Group Stock Up 2.5%
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 firm has a market cap of $3.38 billion, a PE ratio of -0.85 and a beta of 1.12. The business’s 50-day simple moving average is $10.34 and its 200 day simple moving average is $14.36.
Institutional Investors Weigh In On Lucid Group
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL acquired a new position in shares of Lucid Group during the third quarter valued at about $1,361,978,000. Geode Capital Management LLC grew its position in Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares during the last quarter. Uber Technologies Inc purchased a new stake in Lucid Group in the third quarter valued at approximately $326,283,000. Marshall Wace LLP increased its stake in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Lucid Group by 39.2% during 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 last quarter. 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.