Lucid Group (NASDAQ:LCID) Stock Price Up 0.7% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) rose 0.7% on Tuesday . The stock traded as high as $2.85 and last traded at $2.75. Approximately 24,218,910 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 40,391,707 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LCID shares. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their target price on shares of 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The firm has a 50-day simple moving average of $2.44 and a 200-day simple moving average of $2.99. 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 market cap of $8.22 billion, a PE ratio of -2.05 and a beta of 1.08.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Italy S.r.l. bought a new position in shares of Lucid Group during the 3rd quarter valued at about $3,209,000. Main Management ETF Advisors LLC purchased a new position in shares of Lucid Group during the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. CWM LLC boosted its holdings in Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after purchasing an additional 6,374 shares during the period. 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.