Lucid Group (NASDAQ:LCID) Trading 3.2% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 3.2% during mid-day trading on Wednesday . The stock traded as high as $3.42 and last traded at $3.20. 108,578,148 shares were traded during trading, an increase of 158% from the average session volume of 42,148,781 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada cut 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 report on Tuesday, November 19th. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of -2.46 and a beta of 1.08. The stock’s 50 day moving average is $2.39 and its two-hundred day moving average is $3.00.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of LCID. Bank of New York Mellon Corp raised its position in Lucid Group by 27.7% during the 2nd 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 holdings in 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 in the last quarter. Forum Financial Management LP raised its holdings in Lucid Group by 2.7% during the second quarter. Forum Financial Management LP now owns 240,963 shares of the company’s stock worth $629,000 after purchasing an additional 6,429 shares in the last quarter. Pine Valley Investments Ltd Liability Co lifted its position in 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. Finally, Commonwealth Equity Services LLC boosted its holdings in Lucid Group by 8.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock valued at $456,000 after purchasing an additional 14,168 shares in the last quarter. 75.17% of the stock is 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.