Lucid Group (NASDAQ:LCID) Stock Price Up 1.6% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 1.6% during mid-day trading on Thursday . The company traded as high as $2.65 and last traded at $2.57. Approximately 23,054,287 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 40,860,926 shares. The stock had previously closed at $2.53.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. One investment 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, the company presently has an average rating of "Hold" and an average price target of $3.16.

Lucid Group Stock Up 4.0 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $7.92 billion, a price-to-earnings ratio of -1.96 and a beta of 1.08. The business's 50 day simple moving average is $2.40 and its 200-day simple moving average is $2.98.

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Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction on 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 transaction, the director now directly owns 8,041,393 shares of the company's stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 61.26% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth about $26,000. 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 worth $27,000 after acquiring an additional 9,250 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock worth $36,000 after acquiring an additional 3,549 shares during the period. Lake Street Advisors Group LLC bought a new position in Lucid Group during the second quarter worth $38,000. Finally, Crumly & Associates Inc. acquired a new position in Lucid Group during the 3rd quarter valued at $38,000. 75.17% of the stock is owned by institutional investors.

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.