Lucid Group (NASDAQ:LCID) Stock Price Up 1.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded up 1.8% on Friday . The stock traded as high as $2.21 and last traded at $2.21. 11,084,492 shares were traded 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 Ratings Changes

Several analysts have recently issued reports on the company. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada dropped 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 research report on Tuesday, November 19th. R. F. Lafferty raised shares of 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. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The business’s 50-day simple moving average is $2.74 and its two-hundred day simple moving average is $3.04. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -1.65 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

Several institutional investors have recently modified their holdings of LCID. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the 2nd quarter valued at about $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the 2nd quarter worth approximately $27,000. Frank Rimerman Advisors LLC boosted its stake in shares of 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 buying an additional 9,250 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Lucid Group in the 2nd quarter worth approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in shares of Lucid Group by 34.9% in the second 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 in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.