Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 37,619,267 shares traded hands during mid-day trading, a decline of 10% from the previous session's volume of 41,831,328 shares.The stock last traded at $3.26 and had previously closed at $3.10.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. 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. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Finally, Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $3.16.
Get Our Latest Stock Analysis on Lucid Group
Lucid Group Price Performance
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's fifty day moving average is $2.39 and its two-hundred day moving average is $2.99. The company has a market cap of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08.
Insider Buying and Selling
In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction 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. The trade was a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lucid Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock valued at $36,000 after acquiring an additional 3,549 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company's stock worth $172,000 after purchasing an additional 3,715 shares during the period. Greenleaf Trust raised its holdings in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company's stock valued at $90,000 after buying an additional 4,604 shares during the period. Amalgamated Bank lifted its position in Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company's stock worth $125,000 after buying an additional 5,337 shares during the last quarter. Finally, Xponance Inc. boosted its stake in Lucid Group by 20.8% during the second quarter. Xponance Inc. now owns 31,938 shares of the company's stock worth $83,000 after buying an additional 5,493 shares during the period. 75.17% of the stock is owned by institutional investors.
About Lucid Group
(
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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.
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