Lucid Group (NASDAQ:LCID) Trading 7.4% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded up 7.4% during trading on Tuesday . The stock traded as high as $3.43 and last traded at $3.33. 49,729,483 shares were traded during mid-day trading, an increase of 19% from the average session volume of 41,875,863 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LCID shares. R. F. Lafferty upgraded 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 cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Performance

The company’s 50 day moving average price is $2.39 and its 200-day moving average price is $2.99. The stock has a market cap of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insiders Place Their Bets

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. raised its holdings in Lucid Group by 14.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock valued at $226,000 after acquiring an additional 8,074 shares during the period. Coldstream Capital Management Inc. bought a new stake in shares of Lucid Group during the 3rd quarter valued at $53,000. M&T Bank Corp lifted its holdings in Lucid Group by 46.0% during the 3rd quarter. M&T Bank Corp now owns 222,335 shares of the company’s stock worth $785,000 after purchasing an additional 70,079 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Lucid Group during the 3rd quarter worth about $121,000. Finally, Main Management ETF Advisors LLC bought a new position in Lucid Group in the 3rd quarter worth about $863,000. 75.17% of the stock is owned by hedge funds and other 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.