Lucid Group (NASDAQ:LCID) Shares Up 4.6% – Should You Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) rose 4.6% during trading on Thursday . The stock traded as high as $3.17 and last traded at $3.16. Approximately 37,894,828 shares traded hands during trading, a decline of 13% from the average daily volume of 43,318,168 shares. The stock had previously closed at $3.02.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. 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 report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Down 1.7 %

The firm’s fifty day moving average price is $2.44 and its 200-day moving average price is $3.01. The company has a market cap of $8.94 billion, a price-to-earnings ratio of -2.22 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 related news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group in the 2nd quarter valued at about $26,000. Frank Rimerman Advisors LLC boosted its holdings in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares in the last quarter. Lake Street Advisors Group LLC acquired a new stake in shares of Lucid Group during the 2nd quarter valued at $38,000. Crumly & Associates Inc. acquired a new stake in shares of Lucid Group during the 3rd quarter valued at $38,000. Finally, Latko Wealth Management Ltd. bought a new stake in shares of Lucid Group during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.