Lucid Group (NASDAQ:LCID) Trading Up 2.9% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shot up 2.9% during mid-day trading on Friday . The stock traded as high as $2.12 and last traded at $2.12. 8,408,618 shares were traded during trading, a decline of 77% from the average session volume of 37,069,625 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent analyst reports. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated a "neutral" rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Robert W. Baird restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. One 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 company's stock. According to data from MarketBeat, Lucid Group presently has an average rating of "Hold" and a consensus target price of $3.16.

Lucid Group Stock Up 2.9 %

The company has a market cap of $6.38 billion, a P/E ratio of -1.58 and a beta of 1.11. 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 firm's 50-day simple moving average is $2.87 and its 200 day simple moving average is $3.05.

Insiders Place Their Bets

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly 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 SEC, which is available at this hyperlink. Company insiders own 61.26% of the company's stock.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth approximately $26,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the second quarter valued at $27,000. Frank Rimerman Advisors LLC boosted its holdings in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock worth $27,000 after buying an additional 9,250 shares in the last quarter. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the 2nd quarter valued at $34,000. Finally, Pine Valley Investments Ltd Liability Co increased its position in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock worth $36,000 after buying an additional 3,549 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

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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