Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 2.8% during trading on Thursday . The company traded as high as $3.34 and last traded at $3.29. 32,791,567 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 42,098,137 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

LCID has been the topic of a number of analyst reports. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. 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 note on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a 50 day simple moving average of $2.38 and a two-hundred day simple moving average of $2.99. The stock has a market cap of $9.70 billion, a P/E ratio of -2.40 and a beta of 1.08.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. B. Riley Wealth Advisors Inc. raised its position in shares of Lucid Group by 14.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock worth $226,000 after purchasing an additional 8,074 shares during the period. Coldstream Capital Management Inc. purchased a new stake in Lucid Group during the third quarter valued at about $53,000. M&T Bank Corp boosted its stake in Lucid Group by 46.0% in the 3rd quarter. M&T Bank Corp now owns 222,335 shares of the company’s stock worth $785,000 after purchasing an additional 70,079 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Lucid Group in the third quarter valued at $121,000. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the third quarter worth $863,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.