Lucid Group, Inc. (NASDAQ:LCID) Sees Large Increase in Short Interest

Lucid Group, Inc. (NASDAQ:LCID) saw a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 350,700,000 shares, a growth of 29.2% from the March 31st total of 271,470,000 shares. Based on an average daily volume of 97,580,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 29.5% of the company’s shares are sold short.

Lucid Group Price Performance

Shares of LCID opened at $2.53 on Friday. 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 company has a 50 day moving average price of $2.35 and a 200-day moving average price of $2.56. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock has a market capitalization of $7.67 billion, a PE ratio of -1.89 and a beta of 0.88.

Institutional Trading of Lucid Group

Hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the 4th quarter worth $28,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group during the fourth quarter valued at about $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Benchmark reissued a “buy” rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Finally, TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Lucid Group currently has an average rating of “Hold” and an average target price of $2.68.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.