Lucid Group (NASDAQ:LCID) Trading 2% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 2% on Thursday . The stock traded as high as $8.22 and last traded at $8.12. 14,066,718 shares were traded during trading, a decline of 2% from the average session volume of 14,304,234 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

Several research firms have commented on LCID. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. TD Cowen reduced their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Citigroup reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Morgan Stanley set a $5.00 target price on Lucid Group in a research note on Wednesday, May 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $14.00 price target on shares of Lucid Group in a report on Monday, May 4th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and an average target price of $9.56.

Lucid Group Stock Up 2.0%

The firm has a 50-day moving average price of $5.96 and a two-hundred day moving average price of $8.03. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of -0.62 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LCID. Uber Technologies Inc acquired a new stake in Lucid Group during the 3rd quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after purchasing an additional 2,167,882 shares during the last quarter. Finally, HRT Financial LP boosted its position in shares of Lucid Group by 148.1% in the 2nd quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock valued at $7,311,000 after purchasing an additional 2,068,440 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.