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% during trading on Wednesday. The stock reached a high of $2.27 before closing at $2.14. In total, approximately 56,285,453 shares were traded, marking a significant decline of 37% from its average daily volume of 89,133,313 shares. The prior closing price was $2.09.

Analysts Set New Price Targets

Recently, several research firms provided updates on LCID stock. TD Cowen began covering Lucid Group on March 7th, assigning a "hold" rating with a target price of $2.30. Benchmark also reaffirmed its "buy" rating, but set a higher price target of $5.00. Meanwhile, Cantor Fitzgerald reissued a "neutral" rating with a revised target price of $3.00. Similarly, Needham & Company reiterated a "hold" rating, while Stifel Nicolaus adjusted their target price down from $3.50 to $3.00, maintaining a "hold" ranking. Overall, data from MarketBeat.com indicates that three analysts have issued sell ratings, eight provide hold ratings, and two have stated buy ratings, leading to a consensus rating of "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, with a negative P/E ratio of -1.62. The stock exhibits a beta of 0.97 and has a debt-to-equity ratio of 0.77. Financial metrics show a quick ratio of 3.26 and a current ratio of 3.71. Its fifty-day moving average price is noted at $2.81, while the two-hundred day moving average is $2.89.

Hedge Funds Weigh In On Lucid Group

Recent activity from large institutional investors indicates changes in their holdings of Lucid Group stock. For instance, the Public Employees Retirement System of Ohio increased its stake by 5.3% in the fourth quarter, owning now 339,579 shares worth approximately $1,026,000 after adding 17,230 shares. Also, Alpine Global Management LLC raised its position by 7.4%, owning 67,153 shares valued at $203,000. UBS Asset Management increased its stake by 23.9%, holding 2,612,631 shares worth about $7,890,000. Other investors like Waverly Advisors LLC and Worldquant Millennium Advisors LLC entered new positions worth about $35,000 and $5,390,000, respectively. The data shows that institutional investors hold around 75.17% of Lucid Group stock.

Lucid Group Company Profile

Lucid Group, Inc. is known for its technology-driven focus, designing, engineering, manufacturing, and selling electric vehicles (EVs), along with EV powertrains and battery systems. The company also develops proprietary software for its vehicles and sells directly to consumers through retail locations and online, including offerings from Lucid Financial Services.

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