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

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 0.7% on Tuesday . The stock traded as high as $2.85 and last traded at $2.75. Approximately 24,218,910 shares were traded 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.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. 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 report on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reduced their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Up 4.0 %

The firm’s 50 day simple moving average is $2.41 and its two-hundred day simple moving average is $2.99. The stock has a market capitalization of $7.92 billion, a P/E ratio of -1.96 and a beta of 1.08. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund purchased 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, for a total transaction of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Frank Rimerman Advisors LLC increased its holdings in Lucid Group by 925.0% during 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 position in shares of Lucid Group during the second quarter valued at approximately $26,000. Crumly & Associates Inc. bought a new stake in Lucid Group during the third quarter worth $38,000. Latko Wealth Management Ltd. purchased a new stake in Lucid Group in the 3rd quarter valued at $39,000. Finally, Clean Yield Group bought a new position in Lucid Group during the 3rd quarter valued at $43,000. 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.