Lucid Group (NASDAQ:LCID) Stock Price Up 1.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 1.7% on Friday . The company traded as high as $3.07 and last traded at $3.03. 24,567,155 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 95,372,438 shares. The stock had previously closed at $2.98.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday. Royal Bank of Canada decreased their target price on 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. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. 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. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Lucid Group currently has an average rating of “Hold” and an average target price of $3.04.

Lucid Group Price Performance

The stock has a market capitalization of $9.28 billion, a PE ratio of -2.30 and a beta of 0.94. 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 firm’s 50-day moving average price is $2.52 and its 200-day moving average price is $3.03.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group during the second quarter worth approximately $26,000. Frank Rimerman Advisors LLC grew its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. GAMMA Investing LLC increased its holdings in Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Crumly & Associates Inc. bought a new stake in shares of Lucid Group in the third quarter valued at about $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in Lucid Group in the third quarter worth about $39,000. 75.17% of the stock is owned by institutional investors.

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.