Lucid Group (NASDAQ:LCID) Trading 6% Higher – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded up 6% on Tuesday . The stock traded as high as $3.52 and last traded at $3.34. 58,332,279 shares were traded during mid-day trading, an increase of 36% from the average session volume of 42,867,777 shares. The stock had previously closed at $3.15.

Analyst Ratings Changes

LCID has been the subject of a number of recent research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Royal Bank of Canada dropped their target price 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Performance

The stock has a market capitalization of $9.25 billion, a P/E ratio of -2.29 and a beta of 1.08. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average price of $2.42 and a two-hundred day moving average price of $3.01.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. grew its holdings in shares of Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after purchasing an additional 3,715 shares during the last quarter. Greenleaf Trust lifted its stake in Lucid Group by 22.0% in the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after purchasing an additional 4,604 shares during the last quarter. Amalgamated Bank boosted its position in Lucid Group by 12.5% during the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after buying an additional 5,337 shares during the period. Xponance Inc. grew its stake in shares of Lucid Group by 20.8% during the second quarter. Xponance Inc. now owns 31,938 shares of the company’s stock valued at $83,000 after buying an additional 5,493 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its stake in shares of Lucid Group by 17.4% during the second quarter. EP Wealth Advisors LLC now owns 38,431 shares of the company’s stock valued at $100,000 after buying an additional 5,702 shares during the last quarter. Hedge funds and other 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.