Lucid Group (NASDAQ:LCID) Stock Price Up 1.6% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $2.65 and last traded at $2.57. 23,054,287 shares traded hands during trading, a decline of 44% from the average session volume of 40,860,926 shares. The stock had previously closed at $2.53.

Analyst Ratings Changes

LCID has been the subject of several analyst reports. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Finally, Royal Bank of Canada cut their target price on shares of 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. One equities 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 company. According to MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Up 14.8 %

The stock has a fifty day moving average price of $2.39 and a 200 day moving average price of $2.98. The stock has a market capitalization of $9.10 billion, a P/E ratio of -2.25 and a beta of 1.08. 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 Activity

In related news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price 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 in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Lucid Group by 84.6% in the 3rd 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. Bank of New York Mellon Corp grew its position in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group during the third quarter worth approximately $3,209,000. Rhumbline Advisers lifted its holdings in shares of Lucid Group by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after acquiring an additional 46,997 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.