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

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. 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 report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada lowered their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Finally, Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. One equities research 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, the company presently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The stock has a 50-day simple moving average of $2.39 and a 200 day simple moving average of $3.00. The company has a market cap of $9.94 billion, a PE ratio of -2.46 and a beta of 1.08. 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 at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC boosted its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the period. Pine Valley Investments Ltd Liability Co grew its stake in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Lucid Group during the second quarter worth $38,000. Finally, Crumly & Associates Inc. acquired a new stake in shares of Lucid Group in the third quarter valued at $38,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.