Lucid Group (NASDAQ:LCID) Shares Up 1.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 1.8% during mid-day trading on Friday . The stock traded as high as $2.21 and last traded at $2.21. 11,084,492 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 37,385,211 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

Several equities analysts recently 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 target price for the company in a research note on Monday, November 11th. Royal Bank of Canada cut 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 report on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Finally, 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Up 0.5 %

The company has a 50 day moving average of $2.68 and a 200 day moving average of $3.02. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of -1.63 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.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group during the second quarter worth $26,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the 2nd quarter valued at about $27,000. Frank Rimerman Advisors LLC raised 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. QRG Capital Management Inc. acquired a new position in shares of Lucid Group during the second quarter worth approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co grew its stake in shares of 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 valued at $36,000 after purchasing an additional 3,549 shares during the last quarter. 75.17% of the stock is 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.