Lucid Group (NASDAQ:LCID) Stock Price Up 4.6% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 4.6% during mid-day trading on Thursday . The stock traded as high as $3.17 and last traded at $3.16. Approximately 37,894,828 shares were traded during trading, a decline of 13% from the average daily volume of 43,318,168 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. 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. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Finally, Royal Bank of Canada decreased their price target on 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Down 1.7 %

The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of -2.22 and a beta of 1.08. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The business has a 50 day simple moving average of $2.44 and a 200-day simple moving average of $3.01.

Insider Activity

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction dated 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 purchase, the director now 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Bank of New York Mellon Corp lifted its stake in shares of Lucid Group by 27.7% in 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 acquiring an additional 581,082 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after purchasing an additional 3,715 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Lucid Group by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock valued at $456,000 after buying an additional 14,168 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Lucid Group by 163.9% during the second quarter. CIBC Asset Management Inc now owns 73,722 shares of the company’s stock worth $192,000 after buying an additional 45,789 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after buying an additional 46,997 shares during the last quarter. Institutional investors and hedge funds 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.