Lucid Group (NASDAQ:LCID) Trading 1.2% Higher – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 1.2% during trading on Tuesday . The stock traded as high as $3.62 and last traded at $3.37. Approximately 50,671,053 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 99,356,781 shares. The stock had previously closed at $3.33.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Finally, Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock has a market capitalization of $8.97 billion, a PE ratio of -2.22 and a beta of 0.94. The firm’s 50 day simple moving average is $2.51 and its 200 day simple moving average is $3.03. 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

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 61.26% of the stock is owned by corporate insiders.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC purchased a new stake in Lucid Group during the 2nd quarter valued at $26,000. Frank Rimerman Advisors LLC raised its stake in shares of Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Crumly & Associates Inc. bought a new stake in shares of Lucid Group in the third quarter worth about $38,000. Finally, Latko Wealth Management Ltd. purchased a new position in Lucid Group during the 3rd quarter valued at about $39,000. Hedge funds and other 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.