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

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Royal Bank of Canada cut their price target on 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 research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Performance

The stock has a market capitalization of $8.97 billion, a P/E ratio of -2.22 and a beta of 0.94. 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 company has a 50-day moving average price of $2.51 and a two-hundred day moving average price of $3.03.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new position in Lucid Group in the fourth quarter valued at $151,000. GAMMA Investing LLC lifted its position in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares during the last quarter. Pine Valley Investments Ltd Liability Co boosted its stake in Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after buying an additional 3,816 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Lucid Group by 14.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock valued at $226,000 after acquiring an additional 8,074 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Lucid Group during the third quarter worth approximately $53,000. 75.17% of the stock is currently 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.