Lucid Group (NASDAQ:LCID) Stock Price Up 2.2% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID) saw its stock price increase by 2.2% on Wednesday. The stock rose to a high of $2.27 before settling at $2.14 by the end of the trading session. During this mid-day trading period, approximately 56,285,453 shares were traded, reflecting a significant decline of 37% from the average daily volume of 89,133,313 shares. Prior to this, the stock had closed at $2.09.

Analysts Set New Price Targets

In recent days, several research firms have provided their insights on Lucid Group. TD Cowen initiated coverage on March 7th, recommending a "hold" rating with a target price of $2.30. Meanwhile, Benchmark reaffirmed a "buy" rating and set a more optimistic price objective of $5.00 for the company. Cantor Fitzgerald also adjusted their rating, maintaining a "neutral" stance and offering a target price of $3.00 on February 26th. Needham & Company LLC echoed this sentiment by restating a "hold" rating during the same timeframe.

However, on February 27th, Stifel Nicolaus lowered its target price for Lucid Group from $3.50 to $3.00, while still suggesting a "hold" rating. The general sentiment from analysts is mixed, with three rating the stock as a sell, eight giving it a hold, and two advocating for a buy. According to MarketBeat.com, the current consensus rating for Lucid Group is "Hold," with an average target price of $2.69.

Lucid Group Stock Performance

The current market capitalization of Lucid Group stands at $6.56 billion. The stock has a negative price-to-earnings (P/E) ratio of -1.62 and a beta of 0.97, indicating similar volatility to the overall market. Its financial ratios are also revealing; the company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26, and a current ratio of 3.71. The fifty-day moving average price for the stock is $2.81, while the two-hundred-day moving average is $2.89.

Hedge Funds Weigh In On Lucid Group

Institutional investors are showing increased interest in Lucid Group. Recently, the Public Employees Retirement System of Ohio increased its stake by 5.3% in the fourth quarter, acquiring 339,579 shares valued at approximately $1,026,000. Alpine Global Management LLC also grew its holdings by 7.4%, now owning 67,153 shares worth about $203,000. Additionally, a distinct business unit of UBS Asset Management Americas LLC raised its stake by 23.9%, acquiring 2,612,631 shares valued at roughly $7,890,000 following a substantial purchase of 504,171 shares last quarter.

Other investment firms are also making moves; Waverly Advisors LLC bought a new position in Lucid Group in the fourth quarter, while Worldquant Millennium Advisors LLC invested around $5,390,000 in the same timeframe. Currently, institutional investors hold 75.17% of Lucid Group's shares.

Lucid Group Company Profile

Lucid Group, Inc. focuses on the design, engineering, manufacturing, and sale of electric vehicles (EV), as well as EV powertrains and battery systems. The company is also known for developing proprietary software for its vehicles, which are sold directly to consumers through both physical retail networks and online channels, including Lucid Financial Services.

Further Reading

For those interested in Lucid Group, it is important to consider what various analysts are recommending. Despite the company's potential, there are also other investment opportunities that top analysts believe may hold even greater appeal.

Lucid, Stocks, Trading