Lucid Group (NASDAQ:LCID) Shares Up 2.1% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares rose 2.1% during trading on Monday . The company traded as high as $11.23 and last traded at $11.09. Approximately 5,265,672 shares changed hands during trading, a decline of 36% from the average daily volume of 8,196,830 shares. The stock had previously closed at $10.86.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent analyst reports. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada reduced their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research note on Tuesday, January 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Stock Performance

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.60 billion, a PE ratio of -1.04 and a beta of 1.16. The company has a 50-day moving average price of $11.40 and a two-hundred day moving average price of $17.10.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its position in shares of Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after buying an additional 34,116 shares in the last quarter. HBK Investments L P bought a new position in Lucid Group in the 2nd quarter worth about $2,658,000. Highbridge Capital Management LLC purchased a new stake in shares of Lucid Group in the 2nd quarter valued at about $3,245,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Lucid Group during the 3rd quarter valued at about $2,248,000. Finally, Marex Group plc purchased a new position in shares of Lucid Group during the second quarter worth about $7,613,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.