Lucid Group (NASDAQ:LCID) Shares Up 7.6% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 7.6% during mid-day trading on Friday . The stock traded as high as $3.27 and last traded at $3.26. Approximately 36,378,723 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 79,372,664 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

A number of equities research analysts have commented on LCID shares. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report 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 report on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Up 8.6 %

The stock’s 50-day simple moving average is $2.46 and its 200-day simple moving average is $3.02. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $9.91 billion, a P/E ratio of -2.46 and a beta of 1.08.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group during the 3rd quarter valued at $3,209,000. Bank of New York Mellon Corp lifted its position 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 buying an additional 581,082 shares during the last quarter. Main Management ETF Advisors LLC purchased a new stake in Lucid Group in the 3rd quarter worth about $863,000. Finally, Canada Pension Plan Investment Board raised its stake in 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 acquiring an additional 238,628 shares during the period. 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.