Lucid Group (NASDAQ:LCID) Trading 6.7% Higher – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 6.7% on Monday . The stock traded as high as $2.24 and last traded at $2.24. Approximately 30,217,578 shares changed hands during trading, a decline of 19% from the average daily volume of 37,170,004 shares. The stock had previously closed at $2.10.

Analysts Set New Price Targets

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. 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 report on Monday, November 11th. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Up 1.9 %

The company has a 50-day moving average of $2.77 and a two-hundred day moving average of $3.04. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.54 billion, a P/E ratio of -1.59 and a beta of 1.11.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average cost 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Lucid Group by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after purchasing an additional 23,752 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after purchasing an additional 474,534 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in shares of Lucid Group by 13.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 55,253 shares of the company’s stock valued at $157,000 after purchasing an additional 6,363 shares during the period. Finally, Tidal Investments LLC increased its position in shares of Lucid Group by 12.7% during the 1st quarter. Tidal Investments LLC now owns 338,712 shares of the company’s stock valued at $965,000 after purchasing an additional 38,072 shares during the last quarter. Hedge funds and other institutional investors 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.