Lucid Group (NASDAQ:LCID) Trading 2.3% Higher - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) rose 2.3% during trading on Tuesday . The company traded as high as $2.22 and last traded at $2.22. Approximately 19,151,707 shares changed hands during trading, a decline of 49% from the average daily volume of 37,287,082 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of recent analyst reports. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Lucid Group currently has an average rating of "Hold" and a consensus target price of $3.16.

Lucid Group Stock Performance

The stock has a market cap of $6.45 billion, a price-to-earnings ratio of -1.66 and a beta of 1.11. 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 fifty day simple moving average of $2.80 and a 200-day simple moving average of $3.04.

Insider Buying and Selling

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 61.26% of the company's stock.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Bank of New York Mellon Corp grew its holdings in shares of Lucid Group by 27.7% during 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 in the last quarter. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock worth $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company's stock valued at $1,493,000 after buying an additional 474,534 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.

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