Lucid Group (NASDAQ:LCID) Shares Up 2.3% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) traded up 2.3% during trading on Tuesday . The stock traded as high as $2.22 and last traded at $2.22. 19,151,707 shares were traded during mid-day trading, a decline of 49% from the average session volume of 37,287,082 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

LCID has been the subject of several research reports. Robert W. Baird reaffirmed 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 target price on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada decreased their price objective 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. Finally, R. F. Lafferty upgraded 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 equities 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Up 1.9 %

The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of -1.59 and a beta of 1.11. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average price of $2.77 and a 200 day moving average price of $3.04.

Insider Buying and Selling

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is owned by corporate insiders.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the second quarter valued at about $26,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the 2nd quarter valued at about $27,000. Frank Rimerman Advisors LLC lifted its position in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Lucid Group in the second quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co increased its position in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.