Lucid Group (NASDAQ:LCID) Trading Up 2.9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shot up 2.9% during mid-day trading on Friday . The stock traded as high as $2.12 and last traded at $2.12. 8,408,618 shares traded hands during trading, a decline of 77% from the average session volume of 37,069,625 shares. The stock had previously closed at $2.06.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LCID shares. Robert W. Baird reiterated 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 target on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The company has a fifty day moving average of $2.83 and a two-hundred day moving average of $3.05. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of -1.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were bought at an average cost 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 of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed 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 large investors have recently added to or reduced their stakes in LCID. Vanguard Group Inc. lifted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the period. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the 3rd quarter valued at approximately $3,209,000. Finally, Rhumbline Advisers lifted its holdings in shares of Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after acquiring an additional 46,997 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.