Lucid Group (NASDAQ:LCID) Trading Up 1.9% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 1.9% during trading on Thursday . The company traded as high as $2.20 and last traded at $2.17. 53,835,895 shares changed hands during trading, an increase of 43% from the average session volume of 37,516,766 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

A number of equities analysts have commented 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. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Price Performance

The firm’s fifty day moving average price is $2.77 and its 200 day moving average price is $3.04. The firm has a market capitalization of $6.54 billion, a PE ratio of -1.62 and a beta of 1.11. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 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 transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the 2nd quarter valued at $27,000. Frank Rimerman Advisors LLC lifted its holdings in shares of 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 purchasing an additional 9,250 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the second quarter worth approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings 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 purchasing an additional 3,549 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.