Lucid Group (NASDAQ:LCID) Trading 1.8% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 1.8% during mid-day trading on Friday . The stock traded as high as $2.21 and last traded at $2.21. Approximately 11,084,492 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 37,385,211 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Several brokerages have weighed in on LCID. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. One research 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 data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Performance

The firm has a market cap of $6.57 billion, a P/E ratio of -1.63 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. The stock’s 50-day moving average is $2.68 and its 200 day moving average is $3.02.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds have recently bought and sold shares of LCID. CWM LLC increased its position in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Signaturefd LLC boosted its position in shares of Lucid Group by 39.8% during the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after buying an additional 10,383 shares during the period. Finally, ORG Partners LLC bought a new position in shares of Lucid Group during the second quarter worth about $83,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.