Lucid Group (NASDAQ:LCID) Trading Up 2.4% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded up 2.4% during mid-day trading on Friday . The stock traded as high as $3.23 and last traded at $3.16. 22,915,253 shares were traded during trading, a decline of 73% from the average session volume of 83,367,266 shares. The stock had previously closed at $3.08.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Royal Bank of Canada lowered their price objective 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. Robert W. Baird restated a "neutral" rating and issued a $3.00 target price 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 report on Friday, November 8th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $3.04.

Lucid Group Trading Down 0.3 %

The company has a market cap of $9.25 billion, a PE ratio of -2.29 and a beta of 0.94. The company's 50 day simple moving average is $2.60 and its two-hundred day simple moving average is $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Buying and Selling

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC boosted 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 buying an additional 9,250 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Lucid Group in the fourth quarter worth $33,000. GAMMA Investing LLC increased its position in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after acquiring an additional 5,031 shares during the period. Finally, Crumly & Associates Inc. acquired a new stake in shares of Lucid Group in the third quarter valued at $38,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.