Lucid Group (NASDAQ:LCID) Stock Price Up 2.2% - Here's Why
Lucid Group (NASDAQ:LCID) saw its stock price rise by 2.2% during mid-day trading, reaching a high of $2.27 before closing at $2.14. The trading volume was approximately 56.3 million shares, down 37% from the average. Analysts have mixed ratings on the stock, with three sell ratings, eight holds, and two buys, leading to a consensus hold rating and a price target of $2.69. Institutional investors own 75.17% of the stock, and recent acquisitions include stakes from several financial groups.
Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was up 2.2% during mid-day trading on Wednesday . The stock traded as high as $2.27 and last traded at $2.14. Approximately 56,285,453 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 89,133,313 shares. The stock had previously closed at $2.09.
Analyst Ratings Changes
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Several equities research analysts have issued reports on LCID shares. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Stifel Nicolaus lowered their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Benchmark restated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Tuesday, November 19th. Finally, Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $2.69.
Get Our Latest Analysis on Lucid Group
Lucid Group Stock Up 3.0 %
- MarketBeat Week in Review – 01/13 - 01/17
The firm has a 50-day moving average of $2.77 and a 200 day moving average of $2.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of -1.56 and a beta of 0.97.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group during the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group in the fourth quarter valued at approximately $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.
About Lucid Group
(Get Free Report)- What Lucid’s Partnership With SoundHound Means for LCID Stock
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.
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