Lucid Group (NASDAQ:LCID) Trading Up 9.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded up 9.9% during mid-day trading on Friday . The company traded as high as $2.92 and last traded at $2.89. 38,984,515 shares were traded during mid-day trading, a decline of 5% from the average session volume of 41,078,359 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

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

Lucid Group Stock Up 14.8 %

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 capitalization of $9.10 billion, a PE ratio of -2.25 and a beta of 1.08. The firm’s fifty day moving average is $2.39 and its 200-day moving average is $2.98.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group in the 3rd quarter valued at approximately $3,209,000. Bank of New York Mellon Corp raised its holdings in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the third quarter worth $863,000. Finally, Canada Pension Plan Investment Board grew its holdings in Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares during the last quarter. Institutional investors and hedge funds 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.