Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price shot up 7.2% during trading on Friday . The stock traded as high as $2.26 and last traded at $2.24. 40,296,158 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 38,313,711 shares. The stock had previously closed at $2.09.
Wall Street Analysts Forecast Growth
LCID has been the topic of a number of recent research reports. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada cut 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. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Lucid Group presently has an average rating of "Hold" and a consensus price target of $3.16.
View Our Latest Stock Report on Lucid Group
Lucid Group Stock Performance
The company has a market cap of $6.69 billion, a P/E ratio of -1.67 and a beta of 1.08. The business has a 50-day moving average of $2.57 and a two-hundred day moving average of $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 Buying and Selling
In related news, Director Public Investment Fund bought 374,717,927 shares of the company's stock in a transaction on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.26% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lucid Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the 3rd quarter valued at $3,209,000. Bank of New York Mellon Corp grew its position in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after purchasing an additional 581,082 shares during the period. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group during the third quarter worth about $863,000. Finally, Canada Pension Plan Investment Board raised its position 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 purchasing an additional 238,628 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.
About Lucid Group
(
Get Free Report)
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.
Further Reading
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