Lucid Group (NASDAQ:LCID) Shares Up 2.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 2.9% during trading on Friday . The company traded as high as $2.12 and last traded at $2.12. 8,408,618 shares were traded during mid-day trading, a decline of 77% from the average session volume of 37,069,625 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LCID. 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 report on Monday, November 11th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. One investment 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 data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Up 2.9 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $2.87 and its 200 day moving average price is $3.05. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of -1.58 and a beta of 1.11.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC boosted its position in shares of Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Lucid Group by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares during the period. Finally, Signaturefd LLC boosted its stake in shares of Lucid Group by 39.8% during the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after purchasing an additional 10,383 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.