Lucid Group (NASDAQ:LCID) Shares Up 0.7% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 0.7% during trading on Tuesday . The stock traded as high as $2.85 and last traded at $2.75. Approximately 24,218,910 shares traded hands during trading, a decline of 40% from the average daily volume of 40,391,707 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

Several research firms have weighed in on LCID. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The company’s 50-day moving average is $2.44 and its 200-day moving average is $2.99. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of -2.05 and a beta of 1.08. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the 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 transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC grew its position in Lucid Group by 84.5% during the 1st quarter. Cetera Advisors LLC now owns 19,015 shares of the company’s stock worth $54,000 after acquiring an additional 8,710 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Lucid Group by 58.9% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,447 shares of the company’s stock valued at $40,000 after purchasing an additional 5,725 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Lucid Group by 27.7% during 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 buying an additional 581,082 shares during the period. Principal Financial Group Inc. grew its holdings in Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the period. Finally, Forum Financial Management LP raised its stake in Lucid Group by 2.7% during the 2nd quarter. Forum Financial Management LP now owns 240,963 shares of the company’s stock worth $629,000 after buying an additional 6,429 shares during the period. 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.