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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on LCID shares. 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 research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. One investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Price Performance

The firm has a 50 day simple moving average of $3.03 and a two-hundred day simple moving average of $3.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. SG Americas Securities LLC raised its holdings in shares of Lucid Group by 226.4% in the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after purchasing an additional 301,349 shares during the period. US Bancorp DE lifted its holdings in shares of Lucid Group by 7.6% during the 1st quarter. US Bancorp DE now owns 138,388 shares of the company’s stock worth $394,000 after acquiring an additional 9,739 shares during the last quarter. Bleakley Financial Group LLC bought a new stake in shares of Lucid Group during the 1st quarter worth $42,000. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the last quarter. 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.