Lucid Group (NASDAQ:LCID) Shares Up 1.7% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 1.7% during trading on Friday . The stock traded as high as $3.07 and last traded at $3.03. Approximately 24,567,155 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 95,372,438 shares. The stock had previously closed at $2.98.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LCID. 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. 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 $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Finally, Royal Bank of Canada dropped 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Up 1.3 %

The company’s 50 day simple moving average is $2.54 and its 200-day simple moving average is $3.04. The firm has a market cap of $9.10 billion, a P/E ratio of -2.25 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.

Insider Activity

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Rhumbline Advisers grew its position in shares of Lucid Group by 6.8% in the second 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 in the last quarter. Canada Pension Plan Investment Board grew its stake 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 valued at $1,097,000 after buying an additional 238,628 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in Lucid Group by 18.2% during the third quarter. Handelsbanken Fonder AB now owns 264,900 shares of the company’s stock worth $935,000 after buying an additional 40,800 shares during the period. 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.