Lucid Group (NASDAQ:LCID) Stock Price Up 6% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares rose 6% during mid-day trading on Monday . The stock traded as high as $2.16 and last traded at $2.13. Approximately 29,992,725 shares traded hands during trading, a decline of 18% from the average daily volume of 36,440,766 shares. The stock had previously closed at $2.01.

Wall Street Analysts Forecast Growth

LCID has been the topic of several research reports. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. One investment 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.com, Lucid Group currently has an average rating of “Hold” and a consensus price target of $3.27.

Lucid Group Stock Up 6.5 %

The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -1.61 and a beta of 1.11. 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 firm has a 50 day moving average price of $3.00 and a 200-day moving average price of $3.07.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. US Bancorp DE grew its holdings in Lucid Group by 7.6% in the 1st quarter. US Bancorp DE now owns 138,388 shares of the company’s stock valued at $394,000 after buying an additional 9,739 shares during the period. Bleakley Financial Group LLC purchased a new stake in Lucid Group in the 1st quarter valued at about $42,000. Vanguard Group Inc. grew its holdings in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 42.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after buying an additional 732,463 shares during the period. Finally, Pitcairn Co. grew its holdings in Lucid Group by 139.3% in the 1st quarter. Pitcairn Co. now owns 46,736 shares of the company’s stock valued at $133,000 after buying an additional 27,205 shares during the period. 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.