Lucid Group (NASDAQ:LCID) Stock Price Up 7.5% - Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was up 7.5% on Wednesday . The stock traded as high as $2.33 and last traded at $2.30. Approximately 34,705,133 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 35,808,340 shares. The stock had previously closed at $2.14.

Analyst Ratings Changes

LCID has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research note on Monday. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. 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 data from MarketBeat, Lucid Group currently has an average rating of "Hold" and a consensus target price of $3.27.

Lucid Group Price Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock's fifty day simple moving average is $3.09 and its 200-day simple moving average is $3.08.

Insider Activity

In related news, Director Public Investment Fund acquired 374,717,927 shares of the business's stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company's stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Public Investment Fund acquired 374,717,927 shares of the business's stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company's stock, valued at approximately $20,827,207.87. This represents a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares of the company's stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.26% of the stock is owned by company insiders.

Institutional Trading of Lucid Group

Several hedge funds have recently modified their holdings of LCID. CWM LLC boosted its stake in Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company's stock valued at $121,000 after acquiring an additional 6,771 shares during the last quarter. Vanguard Group Inc. boosted its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company's stock valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Lucid Group by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company's stock valued at $1,242,000 after acquiring an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock valued at $1,097,000 after acquiring an additional 238,628 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company's stock valued at $6,951,000 after acquiring an additional 732,463 shares during the last quarter. 75.17% of the stock is 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.

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