Lucid Group (NASDAQ:LCID) Trading 9.9% Higher - Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares rose 9.9% on Friday . The stock traded as high as $2.92 and last traded at $2.89. Approximately 38,984,515 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 41,078,359 shares. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent analyst reports. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada decreased their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. One research 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $3.16.

Lucid Group Price Performance

The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of -2.25 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. The company's fifty day moving average is $2.39 and its two-hundred day moving average is $2.98.

Insider Activity

In related news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly 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 purchase was disclosed in a document filed with the SEC, which is available at this link. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after buying an additional 581,082 shares in the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Rhumbline Advisers increased its position in shares of Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Lucid Group by 131.3% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

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.