Lucid Group (NASDAQ:LCID) Trading Up 4.3% – Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded up 4.3% on Monday . The stock traded as high as $2.69 and last traded at $2.69. 24,995,226 shares were traded during mid-day trading, a decline of 38% from the average session volume of 40,231,992 shares. The stock had previously closed at $2.58.

Wall Street Analyst Weigh In

LCID has been the topic of several analyst reports. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. 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. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company’s fifty day moving average price is $2.43 and its 200 day moving average price is $2.99. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of -1.89 and a beta of 1.08.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were bought 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 of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

Large investors have recently modified their holdings of the company. Point72 Italy S.r.l. bought a new stake in Lucid Group during the 3rd quarter valued at $3,209,000. Main Management ETF Advisors LLC acquired a new stake in Lucid Group in the third quarter worth about $863,000. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 84.6% in the 3rd 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 in the last quarter. CWM LLC raised its position in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Lucid Group by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.