Lucid Group (NASDAQ:LCID) Trading 1.6% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 1.6% during trading on Thursday . The stock traded as high as $2.65 and last traded at $2.57. 23,054,287 shares were traded during mid-day trading, a decline of 44% from the average session volume of 40,860,926 shares. The stock had previously closed at $2.53.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. 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. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. 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 report on Monday, November 11th. Royal Bank of Canada cut 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 report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Price Performance

The firm has a market capitalization of $7.98 billion, a P/E ratio of -1.98 and a beta of 1.08. The stock’s 50 day simple moving average is $2.41 and its 200 day simple moving average is $2.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in Lucid Group in the second quarter worth approximately $26,000. Frank Rimerman Advisors LLC raised its position in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Pine Valley Investments Ltd Liability Co lifted its stake in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares during the last quarter. Lake Street Advisors Group LLC bought a new stake in Lucid Group during the second quarter valued at about $38,000. Finally, Crumly & Associates Inc. purchased a new position in Lucid Group in the third quarter valued at about $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.