Lucid Group (NASDAQ:LCID) Trading 1.8% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded up 1.8% during trading on Friday . The company traded as high as $2.21 and last traded at $2.21. 11,084,492 shares traded hands during trading, a decline of 70% from the average session volume of 37,385,211 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on LCID shares. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada lowered their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Up 0.5 %

The firm has a market cap of $6.57 billion, a PE ratio of -1.65 and a beta of 1.11. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a 50-day simple moving average of $2.74 and a two-hundred day simple moving average of $3.04.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. bought a new position in Lucid Group during the 3rd quarter valued at about $3,209,000. Bank of New York Mellon Corp boosted its holdings in shares of 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 acquiring an additional 581,082 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after acquiring an additional 474,534 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Lucid Group during the third quarter valued at approximately $863,000. 75.17% of the stock is owned by institutional investors.

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.