Lucid Group (NASDAQ:LCID) Trading 3.2% Higher – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 3.2% during trading on Wednesday . The stock traded as high as $3.42 and last traded at $3.20. Approximately 108,578,148 shares changed hands during trading, an increase of 158% from the average daily volume of 42,148,781 shares. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LCID. 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. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Performance

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 business’s 50-day simple moving average is $2.38 and its two-hundred day simple moving average is $2.99. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of -2.39 and a beta of 1.08.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares in the company, valued at approximately $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 hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Principal Financial Group Inc. boosted its position 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 acquiring an additional 3,715 shares during the last quarter. Forum Financial Management LP grew its holdings in shares of Lucid Group by 2.7% in the second quarter. Forum Financial Management LP now owns 240,963 shares of the company’s stock valued at $629,000 after purchasing an additional 6,429 shares during the period. Pine Valley Investments Ltd Liability Co increased its position in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Lucid Group by 8.8% during the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock worth $456,000 after purchasing an additional 14,168 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.