Lucid Group (NASDAQ:LCID) Trading Up 1.9% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 1.9% during mid-day trading on Thursday . The company traded as high as $2.20 and last traded at $2.17. 53,835,895 shares were traded during mid-day trading, an increase of 43% from the average session volume of 37,516,766 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Finally, 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Up 1.9 %

The company has a market capitalization of $6.54 billion, a PE ratio of -1.62 and a beta of 1.11. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $2.77 and its two-hundred day moving average is $3.04.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the 2nd quarter valued at approximately $26,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the 2nd quarter worth about $27,000. Frank Rimerman Advisors LLC boosted its stake in shares of Lucid Group by 925.0% during 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. QRG Capital Management Inc. purchased a new stake in Lucid Group in the 2nd quarter worth about $34,000. Finally, Pine Valley Investments Ltd Liability Co boosted its position in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares during the period. 75.17% of the stock is owned by 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.