Lucid Group (NASDAQ:LCID) Stock Price Up 2.8% – Here’s What Happened
by Doug Wharley · The Cerbat GemLucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares were up 2.8% on Thursday . The company traded as high as $3.34 and last traded at $3.29. Approximately 32,791,567 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 42,098,137 shares. The stock had previously closed at $3.20.
Analysts Set New Price Targets
Several research firms recently commented on LCID. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a 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 target price for the company in a research note on Monday, November 11th. Royal Bank of Canada dropped their price target on shares of 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. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average target price of $3.16.
View Our Latest Analysis on Lucid Group
Lucid Group Price 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 market capitalization of $9.70 billion, a P/E ratio of -2.40 and a beta of 1.08. The stock’s fifty day moving average is $2.38 and its 200-day moving average is $2.99.
Insiders Place Their Bets
In related news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now directly 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 61.26% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Frank Rimerman Advisors LLC boosted 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 valued at $27,000 after acquiring an additional 9,250 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth about $26,000. Crumly & Associates Inc. bought a new stake in Lucid Group during the 3rd quarter valued at approximately $38,000. Latko Wealth Management Ltd. acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $39,000. Finally, Clean Yield Group bought a new position in Lucid Group in the 3rd quarter worth approximately $43,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.
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.