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

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped up prior to trading on Monday . The stock had previously closed at $3.29, but opened at $3.61. Lucid Group shares last traded at $3.51, with a volume of 23,116,081 shares.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Robert W. Baird reiterated 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 restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. One investment 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. Based on data from MarketBeat, Lucid Group has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The stock has a market cap of $10.42 billion, a PE ratio of -2.58 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm’s 50 day moving average price is $2.46 and its two-hundred day moving average price is $3.02.

Insider Buying and Selling 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 bought 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 directly 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 purchase was disclosed in a filing with the SEC, which is available at this link. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group in the 3rd quarter worth about $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the 3rd quarter worth about $863,000. Charles Schwab Investment Management Inc. grew its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the period. CWM LLC grew its position in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Lucid Group by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after buying an additional 6,374 shares during the period. 75.17% of the stock is 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.