Lucid Group (NASDAQ:LCID) Shares Up 7.4% – Should You Buy?

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

Analyst Ratings Changes

LCID has been the subject of several recent analyst reports. 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, November 19th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. 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 report on Monday, November 11th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The company’s 50-day moving average is $2.38 and its two-hundred day moving average is $2.99. The stock has a market capitalization of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08. 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 Buying and Selling at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after buying an additional 581,082 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the period. Forum Financial Management LP lifted its holdings in shares of Lucid Group by 2.7% during the second quarter. Forum Financial Management LP now owns 240,963 shares of the company’s stock valued at $629,000 after purchasing an additional 6,429 shares during the last quarter. Pine Valley Investments Ltd Liability Co boosted its position in shares of Lucid Group by 34.9% in the 2nd 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. Finally, Commonwealth Equity Services LLC increased its stake in Lucid Group by 8.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock worth $456,000 after purchasing an additional 14,168 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

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.