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

Shares of Lucid Group, Inc. (NASDAQ:LCID) saw unusually-strong trading volume on Monday . Approximately 21,250,419 shares were traded 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.

Analysts Set New Price Targets

LCID has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report 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 on the stock in a report on Monday, November 11th. Royal Bank of Canada decreased 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 report on Tuesday. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Down 1.9 %

The company has a market capitalization of $6.32 billion, a P/E ratio of -1.57 and a beta of 1.11. 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 moving average of $2.94 and a 200 day moving average of $3.06.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in shares of Lucid Group by 7.6% in the first quarter. US Bancorp DE now owns 138,388 shares of the company’s stock worth $394,000 after buying an additional 9,739 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Pitcairn Co. raised its holdings in shares of Lucid Group by 139.3% during the 1st quarter. Pitcairn Co. now owns 46,736 shares of the company’s stock worth $133,000 after acquiring an additional 27,205 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in Lucid Group by 47.8% during the 1st quarter. EP Wealth Advisors LLC now owns 32,729 shares of the company’s stock valued at $93,000 after buying an additional 10,585 shares during the period. 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.