Lucid Group (NASDAQ:LCID) Stock Price Up 7.4% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 7.4% on Tuesday . The company traded as high as $3.43 and last traded at $3.33. Approximately 49,729,483 shares were traded during trading, an increase of 19% from the average daily volume of 41,875,863 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on LCID shares. Royal Bank of Canada reduced 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. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Trading Up 3.2 %

The firm has a market capitalization of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company’s fifty day moving average is $2.38 and its 200-day moving average is $2.99.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. increased its stake in Lucid Group by 14.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock valued at $226,000 after acquiring an additional 8,074 shares during the period. Coldstream Capital Management Inc. acquired a new position in shares of Lucid Group in the 3rd quarter worth approximately $53,000. M&T Bank Corp lifted its position in shares of Lucid Group by 46.0% during the 3rd quarter. M&T Bank Corp now owns 222,335 shares of the company’s stock worth $785,000 after buying an additional 70,079 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Lucid Group in the third quarter valued at $121,000. Finally, Main Management ETF Advisors LLC bought a new position in shares of Lucid Group during the third quarter valued at $863,000. 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.