Lucid Group (NASDAQ:LCID) Stock Price Up 5.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 5.1% on Wednesday . The company traded as high as $3.13 and last traded at $3.11. 26,200,794 shares traded hands during trading, a decline of 70% from the average session volume of 88,140,945 shares. The stock had previously closed at $2.96.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. 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 note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Finally, 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 report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Trading Down 0.3 %

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 stock has a market capitalization of $9.25 billion, a P/E ratio of -2.29 and a beta of 0.94. The company has a 50-day moving average price of $2.60 and a 200 day moving average price of $3.05.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated 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 transaction, the director now directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC boosted its stake in Lucid Group by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company’s stock worth $475,000 after purchasing an additional 5,121 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Lucid Group during the 4th quarter worth about $33,000. Fermata Advisors LLC purchased a new stake in Lucid Group during the 4th quarter valued at about $144,000. Finally, Everence Capital Management Inc. acquired a new stake in shares of Lucid Group during the fourth quarter worth about $151,000. Institutional investors and hedge funds 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.