Lucid Group (NASDAQ:LCID) Shares Up 1.7% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 1.7% on Friday . The company traded as high as $3.07 and last traded at $3.03. Approximately 24,567,155 shares traded hands during trading, a decline of 74% from the average daily volume of 95,372,438 shares. The stock had previously closed at $2.98.

Analyst Ratings Changes

A number of equities analysts have commented on LCID shares. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 19th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $3.04.

Lucid Group Trading Up 1.3 %

The firm's 50 day simple moving average is $2.54 and its two-hundred day simple moving average is $3.04. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market cap of $9.10 billion, a P/E ratio of -2.25 and a beta of 0.94.

Insider Buying and Selling

In other news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. bought a new stake in shares of Lucid Group during the fourth quarter valued at about $151,000. GAMMA Investing LLC increased its stake in Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock valued at $36,000 after buying an additional 5,031 shares during the period. Pine Valley Investments Ltd Liability Co raised its position in shares of Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after buying an additional 3,816 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Lucid Group by 14.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after acquiring an additional 8,074 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Lucid Group in the 3rd quarter worth approximately $53,000. 75.17% of the stock is currently owned by institutional investors.

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.