Lucid Group (NASDAQ:LCID) Shares Up 1.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.9% during mid-day trading on Thursday . The company traded as high as $2.20 and last traded at $2.17. 53,835,895 shares were traded during trading, an increase of 43% from the average session volume of 37,516,766 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. 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 research report on Monday, November 11th. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Trading Up 0.5 %

The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of -1.63 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a 50 day moving average price of $2.71 and a two-hundred day moving average price of $3.03.

Insider Buying and Selling

In other news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group during the second quarter worth approximately $26,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 2nd quarter worth $27,000. Frank Rimerman Advisors LLC grew its holdings in shares of Lucid Group by 925.0% during the second 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. QRG Capital Management Inc. acquired a new stake in shares of Lucid Group in the second quarter valued at about $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted 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 buying an additional 3,549 shares in the last quarter. 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.