Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares saw unusually-strong trading volume on Monday . Approximately 21,250,419 shares changed hands during 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

LCID has been the subject of several analyst reports. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. 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. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. 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. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One research 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 currently has a consensus rating of “Hold” and a consensus target price of $3.27.

Lucid Group Stock Up 8.5 %

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 firm’s fifty day simple moving average is $3.00 and its 200 day simple moving average is $3.07. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of -1.61 and a beta of 1.11.

Insider Buying and Selling

In other news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. Frank Rimerman Advisors LLC increased its stake 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. Accredited Investors Inc. bought a new stake in Lucid Group in the second quarter valued at approximately $27,000. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter valued at approximately $26,000. Crumly & Associates Inc. bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $38,000. Finally, Latko Wealth Management Ltd. acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $39,000. 75.17% of the stock is owned by institutional investors.

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.