Lucid Group (NASDAQ:LCID) Stock Price Up 0.7% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 0.7% during trading on Thursday . The company traded as high as $3.16 and last traded at $3.06. 25,071,278 shares changed hands during trading, a decline of 71% from the average session volume of 85,664,742 shares. The stock had previously closed at $3.04.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on LCID shares. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Performance

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 firm has a market capitalization of $9.25 billion, a price-to-earnings ratio of -2.29 and a beta of 0.94. The stock’s fifty day moving average is $2.62 and its two-hundred day moving average is $3.05.

Insider Buying and Selling

In related news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its holdings in shares of Lucid Group by 8.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock worth $456,000 after acquiring an additional 14,168 shares during the period. Rhumbline Advisers grew its holdings in Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after buying an additional 46,997 shares in the last quarter. Choreo LLC acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $66,000. Amalgamated Bank raised its stake in Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Lucid Group by 40.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 195,661 shares of the company’s stock worth $511,000 after acquiring an additional 56,594 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.