Lucid Group (NASDAQ:LCID) Shares Up 3.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 3.2% on Wednesday . The company traded as high as $3.42 and last traded at $3.20. Approximately 108,578,148 shares changed hands during mid-day trading, an increase of 158% from the average daily volume of 42,148,781 shares. The stock had previously closed at $3.10.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of research analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The stock has a market capitalization of $9.64 billion, a PE ratio of -2.39 and a beta of 1.08. The business has a fifty day moving average price of $2.38 and a 200-day moving average price of $2.99. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling

In other 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 purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now 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 filing with the SEC, which is available at this hyperlink. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in Lucid Group in the second quarter worth about $26,000. Frank Rimerman Advisors LLC increased its holdings in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in Lucid Group in the second quarter worth approximately $38,000. Finally, Crumly & Associates Inc. bought a new position in shares of Lucid Group during the 3rd quarter valued at $38,000. Hedge funds and other institutional investors 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.