Lucid Group (NASDAQ:LCID) Shares Up 5.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shot up 5.1% on Wednesday . The company traded as high as $3.13 and last traded at $3.11. 26,200,794 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 88,140,945 shares. The stock had previously closed at $2.96.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LCID. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada dropped their price objective on 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 reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Performance

The business has a 50 day moving average of $2.57 and a 200 day moving average of $3.05. The company has a market capitalization of $9.16 billion, a P/E ratio of -2.27 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 added to or reduced their stakes in the stock. Wedge Capital Management L L P NC purchased a new stake in Lucid Group during the fourth quarter valued at approximately $33,000. Fermata Advisors LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $144,000. Everence Capital Management Inc. purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $151,000. GAMMA Investing LLC raised its holdings in shares of Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares during the period. Finally, Pine Valley Investments Ltd Liability Co raised its holdings in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after buying an additional 3,816 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.