Lucid Group (NASDAQ:LCID) Trading Up 4.3% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price shot up 4.3% on Monday . The company traded as high as $2.69 and last traded at $2.69. 24,995,226 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 40,231,992 shares. The stock had previously closed at $2.58.

Analysts Set New Price Targets

A number of research analysts have commented on LCID shares. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty raised shares of 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. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $3.16.

Lucid Group Price Performance

The stock's 50 day simple moving average is $2.44 and its 200-day simple moving average is $2.99. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of -2.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling

In related news, Director Public Investment Fund bought 374,717,927 shares of the 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 purchase, the director now directly owns 8,041,393 shares of the company's stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at $26,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC boosted its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its position in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock valued at $36,000 after acquiring an additional 3,549 shares during the period. Finally, Lake Street Advisors Group LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $38,000. Hedge funds and other 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.