Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) saw unusually-high trading volume on Monday . Approximately 21,250,419 shares were traded during mid-day trading, a decline of 42% from the previous session's volume of 36,380,094 shares.The stock last traded at $2.13 and had previously closed at $2.01.

Analysts Set New Price Targets

LCID has been the topic of a number of recent research reports. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald restated a "neutral" rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. 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 report on Monday, November 11th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. One equities 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. According to data from MarketBeat, Lucid Group has a consensus rating of "Hold" and an average target price of $3.27.

Lucid Group Stock Performance

The company has a market cap of $5.00 billion, a P/E ratio of -1.60 and a beta of 1.11. The company has a 50 day moving average price of $2.97 and a 200-day moving average price of $3.07. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 61.26% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock valued at $27,000 after buying an additional 9,250 shares in the last quarter. Accredited Investors Inc. bought a new position in Lucid Group during the second quarter valued at about $27,000. Sanctuary Advisors LLC bought a new position in Lucid Group during the second quarter valued at about $26,000. Crumly & Associates Inc. bought a new position in Lucid Group during the third quarter valued at about $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in shares of Lucid Group during the third quarter valued at $39,000. 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.