Lucid Group (NASDAQ:LCID) Stock Price Up 7.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares were up 7.2% during mid-day trading on Friday . The stock traded as high as $2.26 and last traded at $2.24. Approximately 40,296,158 shares traded hands during trading, an increase of 5% from the average daily volume of 38,313,711 shares. The stock had previously closed at $2.09.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LCID shares. Royal Bank of Canada decreased their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Up 10.0 %

The company has a fifty day simple moving average of $2.54 and a two-hundred day simple moving average of $3.00. 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 has a market cap of $6.93 billion, a PE ratio of -1.72 and a beta of 1.08.

Insider Activity

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction dated 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 acquisition, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the period. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the 3rd quarter valued at about $3,209,000. Rhumbline Advisers boosted its position in shares of Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.