Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares saw an uptick in trading volume on Tuesday . 37,619,267 shares changed hands during trading, a decline of 10% from the previous session’s volume of 41,831,328 shares.The stock last traded at $3.26 and had previously closed at $3.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. R. F. Lafferty raised 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. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada decreased 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. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Up 4.5 %

The business’s 50-day simple moving average is $2.39 and its two-hundred day simple moving average is $2.99. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of -2.42 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 84.6% in 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 buying an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the 3rd quarter valued at approximately $3,209,000. Rhumbline Advisers raised its stake in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake 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 worth $1,097,000 after purchasing an additional 238,628 shares in 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.