Lucid Group (NASDAQ:LCID) Shares Up 0.7% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 0.7% during mid-day trading on Tuesday . The company traded as high as $2.85 and last traded at $2.75. Approximately 24,218,910 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 40,391,707 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

LCID has been the topic of several recent analyst reports. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada dropped their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market capitalization of $7.92 billion, a PE ratio of -1.96 and a beta of 1.08. The company’s fifty day simple moving average is $2.41 and its 200 day simple moving average is $2.99.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’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. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC lifted its stake in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the second quarter worth $26,000. Crumly & Associates Inc. purchased a new stake in shares of Lucid Group in the third quarter worth $38,000. Latko Wealth Management Ltd. bought a new stake in Lucid Group during the third quarter valued at $39,000. Finally, Clean Yield Group purchased a new position in Lucid Group during the third quarter worth about $43,000. 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.