Lucid Group (NASDAQ:LCID) Trading 4.9% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 4.9% during mid-day trading on Thursday . The stock traded as high as $2.55 and last traded at $2.55. 22,846,481 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 39,891,441 shares. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LCID. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50-day moving average price of $2.49 and a two-hundred day moving average price of $2.99. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of -1.90 and a beta of 1.09.

Insider Activity

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred 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 acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the business. Cetera Advisors LLC increased its stake in shares of Lucid Group by 84.5% during the first quarter. Cetera Advisors LLC now owns 19,015 shares of the company’s stock worth $54,000 after purchasing an additional 8,710 shares during the period. QRG Capital Management Inc. bought a new position in Lucid Group during the 2nd quarter worth $34,000. Dynamic Advisor Solutions LLC lifted its holdings in shares of Lucid Group by 92.5% during the second quarter. Dynamic Advisor Solutions LLC now owns 21,137 shares of the company’s stock worth $55,000 after buying an additional 10,157 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Lucid Group in the second quarter valued at about $83,000. Finally, Accredited Investors Inc. acquired a new position in shares of Lucid Group in the second quarter valued at about $27,000. Institutional investors 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.