Lucid Group (NASDAQ:LCID) Trading Up 10% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 10% during trading on Monday . The company traded as high as $2.33 and last traded at $2.30. 150,336,717 shares traded hands during trading, an increase of 97% from the average session volume of 76,132,880 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Royal Bank of Canada reduced 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 reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Performance

The business has a 50-day moving average price of $2.51 and a 200-day moving average price of $3.00. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of -1.76 and a beta of 1.09. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were purchased 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 directly 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 acquisition was disclosed in a filing 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

A number of large investors have recently made changes to their positions in LCID. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 valued at $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group during the 3rd quarter worth about $3,209,000. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 581,082 shares during the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group during the 3rd quarter worth about $863,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares during the last quarter. 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.