Lucid Group (NASDAQ:LCID) Trading 1.5% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 1.5% on Thursday . The stock traded as high as $2.13 and last traded at $2.06. 19,371,178 shares traded hands during trading, a decline of 48% from the average session volume of 37,004,691 shares. The stock had previously closed at $2.03.

Analyst Ratings Changes

A number of brokerages have recently commented on LCID. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada cut their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Performance

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 company has a market cap of $6.29 billion, a PE ratio of -1.54 and a beta of 1.11. The business has a fifty day simple moving average of $2.90 and a two-hundred day simple moving average of $3.06.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’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 $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares in the last quarter. Charles Schwab Investment Management Inc. boosted 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 purchasing an additional 2,335,452 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the 3rd quarter worth $3,209,000. Finally, Rhumbline Advisers boosted its position in shares of 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 purchasing an additional 46,997 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.