Lucid Group (NASDAQ:LCID) Trading Up 2.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 2.1% during mid-day trading on Monday . The company traded as high as $3.64 and last traded at $3.36. Approximately 52,885,048 shares changed hands during trading, a decline of 43% from the average daily volume of 93,271,383 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on LCID shares. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Finally, Royal Bank of Canada lowered their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Down 6.3 %

The company’s fifty day simple moving average is $2.51 and its 200 day simple moving average is $3.03. 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 firm has a market capitalization of $8.97 billion, a PE ratio of -2.22 and a beta of 0.94.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at $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 Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. bought a new position in Lucid Group in the 3rd quarter valued at approximately $3,209,000. Rhumbline Advisers boosted its stake in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.