Lucid Group (NASDAQ:LCID) Trading Up 4.9% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price shot up 4.9% during mid-day trading on Thursday . The company traded as high as $2.55 and last traded at $2.55. 22,846,481 shares changed hands during trading, a decline of 43% from the average session volume of 39,891,441 shares. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Royal Bank of Canada lowered their target price on 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. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $4.00 price target 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. Finally, Robert W. Baird reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One 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 data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $3.16.

Lucid Group Trading Up 4.5 %

The company has a market cap of $7.65 billion, a price-to-earnings ratio of -1.90 and a beta of 1.09. 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 business's fifty day simple moving average is $2.47 and its two-hundred day simple moving average is $2.99.

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Insider Buying and Selling

In other news, Director Public Investment Fund purchased 374,717,927 shares of the company's stock in a transaction that occurred 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 purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the second quarter worth about $27,000. Frank Rimerman Advisors LLC increased its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock valued at $27,000 after acquiring an additional 9,250 shares during the period. QRG Capital Management Inc. acquired a new position in Lucid Group in the 2nd quarter valued at about $34,000. Finally, Pine Valley Investments Ltd Liability Co raised its stake in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock valued at $36,000 after acquiring an additional 3,549 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other 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.