Lucid Group (NASDAQ:LCID) Shares Up 2.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 2.3% on Tuesday . The company traded as high as $2.22 and last traded at $2.22. Approximately 19,151,707 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 37,287,082 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LCID shares. Royal Bank of Canada dropped their price objective on shares of 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. 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 price target on Lucid Group in a report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Trading Up 1.9 %

The company has a market capitalization of $6.54 billion, a P/E ratio of -1.59 and a beta of 1.11. The business has a 50 day moving average price of $2.77 and a 200 day moving average price of $3.04. 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 Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost 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 in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently modified their holdings of the business. 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 valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group during the third quarter worth $3,209,000. Bank of New York Mellon Corp raised its holdings in shares of Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the period. Vanguard Group Inc. lifted its position in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after purchasing an additional 474,534 shares during the period. 75.17% of the stock is currently owned by 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.