Lucid Group (NASDAQ:LCID) Trading Up 7.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded up 7.6% on Friday . The company traded as high as $3.27 and last traded at $3.26. Approximately 36,378,723 shares were traded during mid-day trading, a decline of 54% from the average session volume of 79,372,664 shares. The stock had previously closed at $3.03.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One equities 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Up 5.6 %

The firm has a 50-day simple moving average of $2.45 and a 200-day simple moving average of $3.01. 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 market cap of $9.64 billion, a PE ratio of -2.39 and a beta of 1.08.

Insider Buying and Selling

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in Lucid Group in the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares in the last quarter. GAMMA Investing LLC grew its position in Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after acquiring an additional 5,031 shares during the last quarter. Lake Street Advisors Group LLC purchased a new position in shares of Lucid Group during the second quarter worth approximately $38,000. Finally, Crumly & Associates Inc. bought a new stake in shares of Lucid Group in the 3rd quarter worth approximately $38,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.