Lucid Group (NASDAQ:LCID) Trading Up 1.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 1.2% during trading on Tuesday . The company traded as high as $3.62 and last traded at $3.37. 50,671,053 shares were traded during trading, a decline of 49% from the average session volume of 99,356,781 shares. The stock had previously closed at $3.33.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LCID. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note 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 target for the company in a research note on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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 quick ratio of 3.26 and a current ratio of 3.71. The stock has a market capitalization of $8.97 billion, a P/E ratio of -2.22 and a beta of 0.94. The business has a 50-day moving average price of $2.51 and a 200 day moving average price of $3.03.

Insiders Place Their Bets

In other news, Director Public Investment Fund bought 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 purchase, the director now owns 8,041,393 shares in the company, 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 SEC, which can be accessed through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the second quarter valued at $26,000. Crumly & Associates Inc. purchased a new stake in shares of Lucid Group during the third quarter valued at $38,000. Latko Wealth Management Ltd. bought a new stake in Lucid Group in the 3rd quarter worth about $39,000. Finally, GAMMA Investing LLC raised its position in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other 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.