Lucid Group (NASDAQ:LCID) Trading 6% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 6% on Tuesday . The company traded as high as $3.52 and last traded at $3.34. 58,332,279 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 42,867,777 shares. The stock had previously closed at $3.15.

Analysts Set New Price Targets

LCID has been the topic of a number of recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Finally, Royal Bank of Canada decreased their price objective 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. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Down 4.1 %

The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of -2.25 and a beta of 1.08. The business’s 50 day moving average price is $2.44 and its 200-day moving average price is $3.01. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insiders Place Their Bets

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after acquiring an additional 3,715 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its stake in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after purchasing an additional 3,816 shares during the period. Greenleaf Trust grew its holdings in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares in the last quarter. Amalgamated Bank grew its holdings in Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after purchasing an additional 5,337 shares in the last quarter. Finally, Xponance Inc. increased its stake in Lucid Group by 20.8% during the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after buying an additional 5,493 shares during the period. 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.