Lucid Group (NASDAQ:LCID) Trading 1.7% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.7% during mid-day trading on Friday . The stock traded as high as $3.07 and last traded at $3.03. 24,567,155 shares were traded during trading, a decline of 74% from the average session volume of 95,372,438 shares. The stock had previously closed at $2.98.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reduced their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Up 3.4 %

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 capitalization of $9.28 billion, a price-to-earnings ratio of -2.30 and a beta of 0.94. The business’s 50 day moving average is $2.52 and its 200 day moving average is $3.03.

Insider Activity

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at $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 SEC, which is accessible through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 84.6% during the third 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 period. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Bank of New York Mellon Corp increased 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 valued at $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group in the 3rd quarter valued at $863,000. Finally, Canada Pension Plan Investment Board grew its position in Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.