Lucid Group (NASDAQ:LCID) Stock Price Up 4.9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price rose 4.9% during trading on Thursday . The company traded as high as $2.55 and last traded at $2.55. Approximately 22,846,481 shares traded hands during trading, a decline of 43% from the average daily volume of 39,891,441 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on LCID shares. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. 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 report on Monday, November 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently 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 quick ratio of 3.26 and a current ratio of 3.71. The business’s fifty day moving average price is $2.46 and its two-hundred day moving average price is $2.99. The stock has a market capitalization of $7.77 billion, a P/E ratio of -1.93 and a beta of 1.08.

Insiders Place Their Bets

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 61.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the company. Point72 Italy S.r.l. bought a new stake in Lucid Group in the third quarter worth about $3,209,000. Main Management ETF Advisors LLC bought a new position in shares of Lucid Group during the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the period. CWM LLC lifted its stake in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after acquiring an additional 6,374 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.