Lucid Group (NASDAQ:LCID) Shares Up 2.4% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2.4% on Friday . The stock traded as high as $3.23 and last traded at $3.16. Approximately 22,915,253 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 83,367,266 shares. The stock had previously closed at $3.08.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada dropped their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market cap of $9.44 billion, a price-to-earnings ratio of -2.33 and a beta of 0.94. The firm has a 50 day simple moving average of $2.60 and a 200-day simple moving average of $3.05.

Insider Activity 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 acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of LCID. Frank Rimerman Advisors LLC increased its holdings in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after buying an additional 9,250 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $26,000. Crumly & Associates Inc. acquired a new stake in shares of Lucid Group during the 3rd quarter worth about $38,000. Wedge Capital Management L L P NC purchased a new stake in Lucid Group during the fourth quarter worth approximately $33,000. Finally, Latko Wealth Management Ltd. purchased a new position in Lucid Group in the third quarter valued at approximately $39,000. 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.