Lucid Group (NASDAQ:LCID) Trading 7.4% Higher – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 7.4% on Tuesday . The company traded as high as $3.43 and last traded at $3.33. Approximately 49,729,483 shares changed hands during trading, an increase of 19% from the average daily volume of 41,875,863 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

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

Lucid Group Price Performance

The firm has a market capitalization of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08. The business’s 50-day simple moving average is $2.39 and its 200 day simple moving average is $2.99. 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 related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The stock was purchased 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 of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new position in Lucid Group during the 2nd quarter valued at approximately $26,000. Frank Rimerman Advisors LLC raised 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 valued at $27,000 after acquiring an additional 9,250 shares in the last quarter. Pine Valley Investments Ltd Liability Co lifted its stake in 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 during the period. Lake Street Advisors Group LLC bought a new stake in Lucid Group in the second quarter valued at $38,000. Finally, Crumly & Associates Inc. purchased a new position in Lucid Group during the 3rd quarter valued at $38,000. 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.