Lucid Group (NASDAQ:LCID) Shares Up 10% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 10% during mid-day trading on Monday . The stock traded as high as $2.33 and last traded at $2.30. Approximately 150,336,717 shares were traded during mid-day trading, an increase of 97% from the average daily volume of 76,132,880 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research reports. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Royal Bank of Canada decreased their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Up 10.0 %

The company’s fifty day simple moving average is $2.54 and its 200 day simple moving average is $3.00. The firm has a market capitalization of $6.93 billion, a P/E ratio of -1.72 and a beta of 1.09. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred 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 purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Sanctuary Advisors LLC purchased a new stake in Lucid Group during the 2nd quarter valued at about $26,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group during the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC raised its holdings in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the last quarter. QRG Capital Management Inc. bought a new position in Lucid Group in the 2nd quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co boosted its stake in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing 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.