Lucid Group (NASDAQ:LCID) Shares Up 0.7% – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 0.7% on Thursday . The stock traded as high as $3.16 and last traded at $3.06. 25,071,278 shares traded hands during trading, a decline of 71% from the average session volume of 85,664,742 shares. The stock had previously closed at $3.04.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. 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, November 11th. Robert W. Baird restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. One 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 MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Price Performance

The company’s 50-day simple moving average is $2.59 and its 200 day simple moving average is $3.05. 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 market capitalization of $9.44 billion, a price-to-earnings ratio of -2.34 and a beta of 0.94.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. Charles Schwab Investment Management Inc. lifted its position in shares of Lucid Group by 84.6% during 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 during the last quarter. Point72 Italy S.r.l. bought a new position in Lucid Group in the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group during the third quarter worth approximately $863,000. Canada Pension Plan Investment Board boosted its position in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after acquiring an additional 238,628 shares during the period. Finally, Centiva Capital LP bought a new position in Lucid Group during the third quarter worth $824,000. 75.17% of the stock is currently owned by 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.