Lucid Group (NASDAQ:LCID) Stock Price Up 7.5% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) was up 7.5% on Wednesday . The company traded as high as $2.33 and last traded at $2.30. Approximately 34,705,133 shares traded hands during trading, a decline of 3% from the average daily volume of 35,808,340 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on LCID shares. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a report on Thursday, September 12th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Stock Performance

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’s 50-day simple moving average is $3.09 and its 200 day simple moving average is $3.08.

Insider Transactions at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value 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 $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost 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 $20,827,207.87. This represents a -100.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC raised its stake in Lucid Group by 925.0% during 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 period. Meeder Advisory Services Inc. bought a new stake in Lucid Group during the 1st quarter worth approximately $29,000. Accredited Investors Inc. bought a new stake in Lucid Group during the 2nd quarter worth approximately $27,000. Sanctuary Advisors LLC bought a new stake in Lucid Group during the 2nd quarter worth approximately $26,000. Finally, Crumly & Associates Inc. bought a new stake in Lucid Group during the 3rd quarter worth approximately $38,000. 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.