Lucid Group (NASDAQ:LCID) Stock Price Up 3.2% - Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were up 3.2% during trading on Wednesday . The stock traded as high as $3.42 and last traded at $3.20. Approximately 108,578,148 shares changed hands during trading, an increase of 158% from the average daily volume of 42,148,781 shares. The stock had previously closed at $3.10.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LCID. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. R. F. Lafferty upgraded 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. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $3.16.

Lucid Group Stock Up 3.2 %

The firm's 50 day moving average price is $2.38 and its two-hundred day moving average price is $2.99. The firm has a market capitalization of $9.64 billion, a PE ratio of -2.39 and a beta of 1.08. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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Insider Buying and Selling at Lucid Group

In other Lucid Group 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 owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Sanctuary Advisors LLC acquired a new position in Lucid Group during the 2nd quarter worth $26,000. Frank Rimerman Advisors LLC grew its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its stake in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock valued at $36,000 after buying an additional 3,549 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in Lucid Group during the 2nd quarter worth approximately $38,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group in the 3rd quarter worth approximately $38,000. Institutional investors own 75.17% of the company's stock.

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.