Lucid Group (NASDAQ:LCID) Stock Price Up 7.6% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 7.6% during mid-day trading on Friday . The stock traded as high as $3.27 and last traded at $3.26. Approximately 36,378,723 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 79,372,664 shares. The stock had previously closed at $3.03.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LCID. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada cut 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. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. 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.com, the stock presently has an average rating of “Hold” and an average price target 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 business has a 50 day moving average price of $2.45 and a 200-day moving average price of $3.01. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of -2.39 and a beta of 1.08.

Insiders Place Their Bets

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, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after acquiring an additional 3,715 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Lucid Group by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock worth $456,000 after acquiring an additional 14,168 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Lucid Group by 163.9% in the 2nd quarter. CIBC Asset Management Inc now owns 73,722 shares of the company’s stock worth $192,000 after acquiring an additional 45,789 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the last quarter. 75.17% of the stock is currently 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.