Lucid Group (NASDAQ:LCID) Trading 5% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 5% on Monday . The stock traded as high as $2.37 and last traded at $2.32. 33,561,637 shares were traded during trading, a decline of 5% from the average session volume of 35,245,676 shares. The stock had previously closed at $2.21.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.27.

Lucid Group Price Performance

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 fifty day simple moving average of $3.09 and a 200-day simple moving average of $3.08.

Insider Activity at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was purchased 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 in the company, valued at approximately $20,827,207.87. This trade represents a -100.00 % increase in their position. The disclosure for this purchase can be found here. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in Lucid Group during the second quarter worth about $26,000. Accredited Investors Inc. bought a new position in Lucid Group in the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC boosted its holdings in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the period. Meeder Advisory Services Inc. bought a new stake in shares of Lucid Group during the first quarter worth $29,000. Finally, QRG Capital Management Inc. acquired a new stake in shares of Lucid Group during the second quarter worth $34,000. 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.