Lucid Group (NASDAQ:LCID) Trading 1.7% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s share price rose 1.7% during trading on Friday . The company traded as high as $3.07 and last traded at $3.03. Approximately 24,567,155 shares traded hands during trading, a decline of 74% from the average daily volume of 95,372,438 shares. The stock had previously closed at $2.98.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Trading Up 1.3 %

The business has a 50 day moving average of $2.54 and a 200 day moving average of $3.04. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of -2.25 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was 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 directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Everence Capital Management Inc. purchased a new stake in Lucid Group during the fourth quarter valued at about $151,000. GAMMA Investing LLC grew its holdings in shares of Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Lucid Group by 14.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock worth $226,000 after purchasing an additional 8,074 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in Lucid Group in the third quarter valued at approximately $53,000. 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.