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

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LCID shares. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. 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. Finally, Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Up 0.5 %

The company’s fifty day simple moving average is $2.71 and its 200-day simple moving average is $3.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market capitalization of $6.57 billion, a PE ratio of -1.63 and a beta of 1.11.

Insider Buying and Selling

In related news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth about $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC lifted its holdings in shares of Lucid Group by 925.0% during the second 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 second quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after buying an additional 3,549 shares during the period. 75.17% of the stock is currently 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.