Lucid Group (NASDAQ:LCID) Trading Up 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 4.9% during mid-day trading on Thursday . The stock traded as high as $2.55 and last traded at $2.55. 22,846,481 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 39,891,441 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada lowered their price objective on 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. Finally, Robert W. Baird reissued 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Up 1.6 %

The company has a market cap of $7.77 billion, a P/E ratio of -1.93 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 fifty day moving average of $2.46 and a 200 day moving average of $2.99.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were 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 owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pine Valley Investments Ltd Liability Co increased its position in Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after buying an additional 3,549 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after acquiring an additional 3,715 shares in the last quarter. Greenleaf Trust raised its stake in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after acquiring an additional 4,604 shares during the period. Amalgamated Bank lifted its holdings 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 purchasing an additional 5,337 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in 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 purchasing an additional 5,493 shares in the last quarter. 75.17% of the stock is currently 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.