Lucid Group (NASDAQ:LCID) Trading Up 6.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 6.7% on Monday . The stock traded as high as $2.24 and last traded at $2.24. 30,217,578 shares traded hands during trading, a decline of 19% from the average session volume of 37,170,004 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LCID shares. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. 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. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada decreased their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The firm has a market cap of $6.54 billion, a P/E ratio of -1.59 and a beta of 1.11. The firm’s fifty day simple moving average is $2.77 and its 200 day simple moving average is $3.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of LCID. Frank Rimerman Advisors LLC raised 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 worth $27,000 after purchasing an additional 9,250 shares during the period. Accredited Investors Inc. bought a new position in Lucid Group during the 2nd quarter worth about $27,000. Sanctuary Advisors LLC purchased a new position in Lucid Group during the 2nd quarter valued at about $26,000. Crumly & Associates Inc. purchased a new position in Lucid Group during the 3rd quarter valued at about $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in shares of Lucid Group in the 3rd quarter worth approximately $39,000. 75.17% of the stock is owned by institutional investors.

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.