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

Lucid Group, Inc. (NASDAQ:LCID)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $3.29, but opened at $3.61. Lucid Group shares last traded at $3.51, with a volume of 23,116,081 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One equities 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock’s 50 day simple moving average is $2.49 and its 200-day simple moving average is $3.03. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of -2.37 and a beta of 0.94. 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 business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the 3rd quarter valued at about $3,209,000. Bank of New York Mellon Corp boosted its stake in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after buying an additional 581,082 shares during the last quarter. Main Management ETF Advisors LLC acquired a new stake in Lucid Group during the third quarter worth about $863,000. Finally, Canada Pension Plan Investment Board raised its position in Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after acquiring an additional 238,628 shares in the last quarter. Institutional investors and hedge funds 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.