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

Shares of Lucid Group, Inc. (NASDAQ:LCID) were up 6% during trading on Tuesday . The company traded as high as $3.52 and last traded at $3.34. Approximately 58,332,279 shares were traded during trading, an increase of 36% from the average daily volume of 42,867,777 shares. The stock had previously closed at $3.15.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. 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 for the company in a research note on Tuesday, November 19th. Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The stock has a fifty day simple moving average of $2.42 and a two-hundred day simple moving average of $3.01. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of -2.29 and a beta of 1.08.

Insider Buying and Selling

In related 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 purchased 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 owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC boosted its holdings in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Lucid Group in the 2nd quarter worth $26,000. Crumly & Associates Inc. acquired a new stake in Lucid Group in the 3rd quarter valued at $38,000. Latko Wealth Management Ltd. bought a new stake in Lucid Group during the 3rd quarter valued at $39,000. Finally, Clean Yield Group acquired a new position in Lucid Group during the third quarter worth $43,000. 75.17% of the stock is owned by institutional investors.

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.