Lucid Group (NASDAQ:LCID) Shares Up 5% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 5% on Monday . The company traded as high as $2.37 and last traded at $2.32. 33,561,637 shares were traded during trading, a decline of 5% from the average session volume of 35,245,676 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

A number of research firms have commented on LCID. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research note on Monday. Cantor Fitzgerald reiterated a "neutral" rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $3.27.

Lucid Group Trading Up 6.8 %

The business has a 50-day simple moving average of $3.16 and a 200-day simple moving average of $3.09. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Insider Buying and Selling

In related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Eric Bach sold 89,959 shares of the firm's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the second quarter worth $26,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the second quarter valued at $27,000. Frank Rimerman Advisors LLC grew its stake in shares of Lucid Group by 925.0% in 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. Meeder Advisory Services Inc. acquired a new position in Lucid Group during the 1st quarter worth $29,000. Finally, Norden Group LLC purchased a new stake in Lucid Group during the 1st quarter worth about $32,000. Institutional investors and hedge funds 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.

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