Lucid Group (NASDAQ:LCID) Sees Large Volume Increase – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) saw an uptick in trading volume on Thursday . 10,670,730 shares were traded during mid-day trading, an increase of 12% from the previous session’s volume of 9,526,470 shares.The stock last traded at $6.5250 and had previously closed at $6.91.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LCID. Cantor Fitzgerald lowered their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. Citigroup began coverage on shares of Lucid Group in a research report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price target for the company. Robert W. Baird lowered their price target on shares of Lucid Group from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, April 15th. TD Cowen reaffirmed a “hold” rating and issued a $10.00 price target (down from $19.00) on shares of Lucid Group in a research report on Wednesday, April 15th. Finally, Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $12.25.

Lucid Group Price Performance

The firm’s 50-day moving average price is $9.38 and its two-hundred day moving average price is $12.25. The stock has a market cap of $2.05 billion, a PE ratio of -0.52 and a beta of 1.16. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

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. Pictet Asset Management Holding SA lifted its position in Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock valued at $213,000 after acquiring an additional 4,485 shares during the last quarter. J. Derek Lewis & Associates Inc. purchased a new stake in Lucid Group during the fourth quarter valued at approximately $158,000. Corient Private Wealth LLC purchased a new stake in Lucid Group during the fourth quarter valued at approximately $118,000. Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group during the fourth quarter valued at approximately $77,000. Finally, Alpine Global Management LLC lifted its position in Lucid Group by 561.7% during the fourth quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after acquiring an additional 19,660 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.