Lucid Group (NASDAQ:LCID) Shares Up 4.3% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 4.3% during trading on Monday . The company traded as high as $2.69 and last traded at $2.69. 24,995,226 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 40,231,992 shares. The stock had previously closed at $2.58.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on LCID shares. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. 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 reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Trading Down 8.3 %

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 firm has a market cap of $7.62 billion, a price-to-earnings ratio of -1.89 and a beta of 1.08. The company has a 50-day moving average price of $2.43 and a 200 day moving average price of $2.99.

Insider Buying and Selling

In related news, Director Public Investment Fund purchased 374,717,927 shares of the company’s 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 completion of the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at $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 can be accessed through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the 3rd 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 during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the 3rd quarter valued at $3,209,000. Rhumbline Advisers increased its position in Lucid Group by 6.8% during 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. Finally, Canada Pension Plan Investment Board raised its holdings in Lucid Group by 131.3% during the second 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 in the last quarter. Hedge funds and other 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.