Lucid Group (NASDAQ:LCID) Trading Up 5.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 5.1% during trading on Wednesday . The company traded as high as $3.13 and last traded at $3.11. Approximately 26,200,794 shares changed hands during trading, a decline of 70% from the average daily volume of 88,140,945 shares. The stock had previously closed at $2.96.

Wall Street Analyst Weigh In

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

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm’s 50-day moving average is $2.60 and its two-hundred day moving average is $3.05. The company has a market cap of $9.25 billion, a P/E ratio of -2.29 and a beta of 0.94.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was 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 of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of LCID. SG Americas Securities LLC lifted its stake in Lucid Group by 3.4% in the fourth quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock worth $475,000 after purchasing an additional 5,121 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares during the period. Wedge Capital Management L L P NC bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $33,000. Fermata Advisors LLC purchased a new position in Lucid Group during the 4th quarter valued at $144,000. Finally, Everence Capital Management Inc. bought a new position in Lucid Group in the 4th quarter valued at $151,000. Institutional investors 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.