Lucid Group (NASDAQ:LCID) Shares Up 1.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 1.2% during trading on Tuesday . The stock traded as high as $3.62 and last traded at $3.37. 50,671,053 shares changed hands during trading, a decline of 49% from the average daily volume of 99,356,781 shares. The stock had previously closed at $3.33.

Analyst Ratings Changes

A number of research analysts have commented on LCID shares. 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 research report on Tuesday, November 19th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock has a market capitalization of $9.70 billion, a P/E ratio of -2.40 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company’s 50-day simple moving average is $2.48 and its 200-day simple moving average is $3.03.

Insider Buying and Selling

In other news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Frank Rimerman Advisors LLC increased its stake in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Lucid Group in the second quarter worth $26,000. Crumly & Associates Inc. acquired a new position in Lucid Group in the third quarter valued at about $38,000. Latko Wealth Management Ltd. acquired a new stake in Lucid Group during the third quarter worth about $39,000. Finally, GAMMA Investing LLC grew its stake in Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares in the last quarter. 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.