Lucid Group (NASDAQ:LCID) Shares Up 2.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 2.3% during trading on Tuesday . The stock traded as high as $2.22 and last traded at $2.22. 19,151,707 shares were traded during trading, a decline of 49% from the average session volume of 37,287,082 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LCID shares. Royal Bank of Canada decreased their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. One 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Down 1.4 %

The company’s 50-day simple moving average is $2.80 and its 200 day simple moving average is $3.04. The firm has a market cap of $6.45 billion, a P/E ratio of -1.66 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 Transactions at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying 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 about $3,209,000. Bank of New York Mellon Corp raised its stake in shares of Lucid Group by 27.7% in 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 acquiring an additional 581,082 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Lucid Group by 946.6% during the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after purchasing an additional 474,534 shares during the period. 75.17% of the stock is 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.