Lucid Group (NASDAQ:LCID) Stock Price Up 5.1% - Here's Why

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 5.1% during mid-day trading on Wednesday . The stock traded as high as $3.13 and last traded at $3.11. Approximately 26,200,794 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 88,140,945 shares. The stock had previously closed at $2.96.

Analyst Ratings Changes

LCID has been the topic of several recent analyst reports. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reduced their price objective 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. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.04.

Lucid Group Trading Up 2.7 %

The stock has a 50 day simple moving average of $2.57 and a 200-day simple moving average of $3.05. 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 has a market capitalization of $9.16 billion, a P/E ratio of -2.27 and a beta of 0.94.

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Insider Activity at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm's stock in a transaction on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. bought a new stake in Lucid Group in the 3rd quarter worth approximately $3,209,000. Rhumbline Advisers raised its holdings in shares of Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock worth $1,097,000 after acquiring an additional 238,628 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Lucid Group by 18.2% in the third quarter. Handelsbanken Fonder AB now owns 264,900 shares of the company's stock valued at $935,000 after purchasing an additional 40,800 shares in the last quarter. Hedge funds and other institutional investors 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.