Lucid Group (NASDAQ:LCID) Shares Gap Up – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) 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 trading hands.

Wall Street Analysts Forecast Growth

LCID has been the subject of several analyst reports. 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 issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. R. F. Lafferty upgraded 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 note on Monday, November 11th. Royal Bank of Canada decreased 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 research note on Tuesday, November 19th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The stock’s 50-day moving average price is $2.46 and its 200 day moving average price is $3.02. 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 firm has a market cap of $10.42 billion, a price-to-earnings ratio of -2.58 and a beta of 1.08.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction 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 trade represents a -102.19 % increase in their position. The acquisition 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 insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group during the 3rd quarter worth about $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group during the 3rd quarter worth about $863,000. Charles Schwab Investment Management Inc. lifted 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 last quarter. CWM LLC lifted its stake in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after buying an additional 6,374 shares during the last quarter. Institutional investors 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.