Lucid Group (NASDAQ:LCID) Stock Price Up 4.6% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were up 4.6% during trading on Thursday . The company traded as high as $3.17 and last traded at $3.16. Approximately 37,894,828 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 43,318,168 shares. The stock had previously closed at $3.02.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LCID shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reduced 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. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, 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 report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and an average target price of $3.16.

Lucid Group Stock Up 0.3 %

The company has a market capitalization of $9.13 billion, a PE ratio of -2.26 and a beta of 1.08. The business has a 50-day moving average of $2.44 and a 200 day moving average of $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.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 61.26% of the company's stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in Lucid Group by 84.6% during 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 buying an additional 2,335,452 shares during the period. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the 3rd quarter worth about $3,209,000. Bank of New York Mellon Corp boosted its stake in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Main Management ETF Advisors LLC bought a new position in Lucid Group during the 3rd quarter valued at about $863,000. Finally, Canada Pension Plan Investment Board raised its position in Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock worth $1,097,000 after purchasing an additional 238,628 shares during the period. 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.