Lucid Group (NASDAQ:LCID) Shares Up 4.6% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price shot up 4.6% on Thursday . The stock traded as high as $3.17 and last traded at $3.16. 37,894,828 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 43,318,168 shares. The stock had previously closed at $3.02.

Analyst Ratings Changes

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

Lucid Group Stock Up 8.6 %

The company has a market cap of $9.91 billion, a P/E ratio of -2.46 and a beta of 1.08. The stock has a 50-day moving average of $2.46 and a two-hundred day moving average of $3.02. 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 related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group 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 purchase, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the stock. Everence Capital Management Inc. purchased a new position in shares of Lucid Group in the fourth quarter worth $151,000. GAMMA Investing LLC grew its holdings in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after acquiring an additional 5,031 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after acquiring an additional 3,816 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in shares of Lucid Group by 14.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock valued at $226,000 after acquiring an additional 8,074 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Lucid Group during the third quarter worth about $53,000. 75.17% of the stock is currently 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.