Lucid Group (NASDAQ:LCID) Shares Up 7.6% – Still a Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 7.6% during trading on Friday . The company traded as high as $3.27 and last traded at $3.26. 36,378,723 shares traded hands during trading, a decline of 54% from the average session volume of 79,372,664 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

Several research analysts recently commented on LCID shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada decreased their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. One 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a 50 day simple moving average of $2.46 and a 200-day simple moving average of $3.02. The firm has a market cap of $9.91 billion, a PE ratio of -2.46 and a beta of 1.08.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the director now owns 8,041,393 shares of the company’s stock, 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 filing with the SEC, which is available at this hyperlink. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after buying an additional 581,082 shares during the last quarter. Principal Financial Group Inc. increased its stake 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 worth $172,000 after purchasing an additional 3,715 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Lucid Group by 8.8% during the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock valued at $456,000 after acquiring an additional 14,168 shares during the period. CIBC Asset Management Inc lifted its holdings in Lucid Group by 163.9% in the 2nd quarter. CIBC Asset Management Inc now owns 73,722 shares of the company’s stock worth $192,000 after purchasing an additional 45,789 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares in 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.