Lucid Group (NASDAQ:LCID) Shares Up 2.1% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) was up 2.1% on Monday . The stock traded as high as $3.64 and last traded at $3.36. Approximately 52,885,048 shares were traded during trading, a decline of 43% from the average daily volume of 93,271,383 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LCID. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of -2.52 and a beta of 1.08. The stock’s 50 day moving average is $2.46 and its 200 day moving average is $3.02.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, 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 legal filing with the SEC, which is available at the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the period. Principal Financial Group Inc. grew its position in shares of Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after purchasing an additional 3,715 shares during the period. Commonwealth Equity Services LLC increased its stake in Lucid Group by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock valued at $456,000 after purchasing an additional 14,168 shares during the last quarter. CIBC Asset Management Inc lifted its position in Lucid Group by 163.9% during the second quarter. CIBC Asset Management Inc now owns 73,722 shares of the company’s stock worth $192,000 after buying an additional 45,789 shares during the period. Finally, Rhumbline Advisers boosted its stake in 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 buying an additional 46,997 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.