Lucid Group (NASDAQ:LCID) Sees Large Volume Increase – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares saw an uptick in trading volume on Tuesday . 37,619,267 shares were traded during trading, a decline of 10% from the previous session’s volume of 41,831,328 shares.The stock last traded at $3.26 and had previously closed at $3.10.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on LCID shares. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Up 3.2 %

The stock’s fifty day simple moving average is $2.38 and its two-hundred day simple moving average is $2.99. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of -2.39 and a beta of 1.08.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter worth about $26,000. Frank Rimerman Advisors LLC grew 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 worth $27,000 after purchasing an additional 9,250 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its stake in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the period. Lake Street Advisors Group LLC bought a new stake in shares of Lucid Group during the second quarter valued at approximately $38,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the third quarter worth approximately $38,000. 75.17% of the stock is currently owned by 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.