Lucid Group (NASDAQ:LCID) Shares Up 2.8% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 2.8% on Thursday . The company traded as high as $3.34 and last traded at $3.29. Approximately 32,791,567 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 42,098,137 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Cantor Fitzgerald reiterated a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price objective 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. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Robert W. Baird restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $3.16.

Lucid Group Stock Up 3.1 %

The company has a market cap of $9.94 billion, a P/E ratio of -2.46 and a beta of 1.08. The company's 50-day moving average is $2.39 and its two-hundred day moving average is $3.00. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 61.26% of the company's stock.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Point72 Italy S.r.l. bought a new position in shares of Lucid Group in the 3rd quarter worth approximately $3,209,000. Rhumbline Advisers lifted its stake in shares of Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after purchasing an additional 46,997 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock worth $1,097,000 after purchasing an additional 238,628 shares during the period. 75.17% of the stock is 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.