Lucid Group (NASDAQ:LCID) Trading Up 7.5% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 7.5% during mid-day trading on Wednesday . The company traded as high as $2.33 and last traded at $2.30. Approximately 34,705,133 shares were traded during trading, a decline of 3% from the average daily volume of 35,808,340 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

A number of analysts recently issued reports on LCID shares. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $3.27.

Lucid Group Stock Down 4.6 %

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 stock has a 50-day simple moving average of $3.03 and a 200 day simple moving average of $3.07.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the business. Frank Rimerman Advisors LLC raised its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares during the last quarter. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $27,000. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter valued at $26,000. Crumly & Associates Inc. acquired a new stake in shares of Lucid Group in the 3rd quarter valued at $38,000. Finally, Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group in the 3rd quarter valued at $39,000. 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.