Lucid Group (NASDAQ:LCID) Shares Up 2.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 2.4% during trading on Friday . The company traded as high as $3.23 and last traded at $3.16. Approximately 22,915,253 shares changed hands during trading, a decline of 73% from the average daily volume of 83,367,266 shares. The stock had previously closed at $3.08.

Wall Street Analyst Weigh In

LCID has been the subject of a number of research analyst reports. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty raised shares of 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. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. One equities research 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.com, Lucid Group has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Performance

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 stock has a fifty day moving average price of $2.62 and a two-hundred day moving average price of $3.05. The company has a market cap of $9.25 billion, a P/E ratio of -2.29 and a beta of 0.94.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC raised its holdings in 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 in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the 2nd quarter worth $26,000. Crumly & Associates Inc. acquired a new stake in shares of Lucid Group in the third quarter valued at $38,000. Wedge Capital Management L L P NC bought a new position in Lucid Group during the fourth quarter valued at about $33,000. Finally, Latko Wealth Management Ltd. acquired a new position in Lucid Group during the third quarter worth about $39,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.