Shares of Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) were down 1.6% during mid-day trading on Wednesday . The stock traded as low as $2.12 and last traded at $2.14. Approximately 51,932,460 shares changed hands during trading, a decline of 29% from the average daily volume of 73,558,536 shares. The stock had previously closed at $2.17.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Royal Bank of Canada lowered their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group currently has an average rating of “Hold” and a consensus price target of $3.16.
View Our Latest Research Report on Lucid Group
Lucid Group Trading Up 1.6 %
Insiders Place Their Bets
In other news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 61.26% of the company’s stock.
Institutional Trading of Lucid Group
A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Vanguard Group Inc. boosted its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Bank of New York Mellon Corp grew its holdings in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares in the last quarter. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group during the third quarter valued at approximately $3,209,000. Finally, Rhumbline Advisers boosted its position in shares of Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after acquiring an additional 46,997 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 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.
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