Lucid Group (NASDAQ:LCID) Shares Up 6.7% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 6.7% during mid-day trading on Monday . The stock traded as high as $2.24 and last traded at $2.24. 30,217,578 shares changed hands during trading, a decline of 19% from the average session volume of 37,170,004 shares. The stock had previously closed at $2.10.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One 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 company’s stock. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Performance

The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -1.67 and a beta of 1.11. The firm has a 50 day moving average price of $2.83 and a 200-day moving average price of $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Activity

In other news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost 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 in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings 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 valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in Lucid Group by 47.8% during the first quarter. EP Wealth Advisors LLC now owns 32,729 shares of the company’s stock worth $93,000 after purchasing an additional 10,585 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Lucid Group by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after buying an additional 23,752 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after buying an additional 474,534 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Lucid Group by 13.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 55,253 shares of the company’s stock valued at $157,000 after buying an additional 6,363 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other 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.