Lucid Group (NASDAQ:LCID) Sees Strong Trading Volume – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) saw strong trading volume on Monday . 21,250,419 shares were traded during mid-day trading, a decline of 42% from the previous session’s volume of 36,380,094 shares.The stock last traded at $2.13 and had previously closed at $2.01.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. R. F. Lafferty upgraded 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. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.27.

Lucid Group Stock Performance

The firm has a market cap of $5.10 billion, a price-to-earnings ratio of -1.61 and a beta of 1.11. The firm’s 50 day moving average is $3.00 and its 200-day moving average is $3.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost 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 of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC bought a new stake in Lucid Group in the 2nd quarter valued at $26,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the second quarter worth approximately $27,000. Frank Rimerman Advisors LLC boosted its position in Lucid Group by 925.0% in the 2nd 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 last quarter. QRG Capital Management Inc. acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $34,000. Finally, Pine Valley Investments Ltd Liability Co raised its position in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.