Lucid Group (NASDAQ:LCID) Raised to “Buy” at R. F. Lafferty

R. F. Lafferty upgraded shares of Lucid Group (NASDAQ:LCID) from a hold rating to a buy rating in a report issued on Monday morning, MarketBeat Ratings reports. They currently have $4.00 target price on the stock.

Several other analysts have also commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.27.

Lucid Group Stock Up 1.9 %

LCID stock opened at $2.18 on Monday. The firm has a market cap of $5.10 billion, a PE ratio of -1.63 and a beta of 1.11. 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 firm’s 50 day moving average price is $3.06 and its 200-day moving average price is $3.08. Lucid Group has a one year low of $2.02 and a one year high of $5.31.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price 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 in the company, valued at approximately $20,827,207.87. The trade was a -100.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Townsquare Capital LLC acquired a new position in shares of Lucid Group during the third quarter worth $75,000. FMR LLC grew its stake in shares of Lucid Group by 47.5% during the third quarter. FMR LLC now owns 149,987 shares of the company’s stock worth $529,000 after purchasing an additional 48,304 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after purchasing an additional 6,374 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Finally, Caprock Group LLC grew its stake in shares of Lucid Group by 7.4% during the third quarter. Caprock Group LLC now owns 189,961 shares of the company’s stock worth $671,000 after purchasing an additional 13,159 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.