Lucid Group (NASDAQ:LCID) Shares Up 7.4% - Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was up 7.4% during trading on Tuesday . The company traded as high as $3.43 and last traded at $3.33. Approximately 49,729,483 shares traded hands during trading, an increase of 19% from the average daily volume of 41,875,863 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

Several research firms recently weighed in on LCID. Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Cantor Fitzgerald reiterated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. One research 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's stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of "Hold" and a consensus target price of $3.16.

Lucid Group Stock Up 3.2 %

The stock's 50 day simple moving average is $2.39 and its two-hundred day simple moving average is $2.99. The firm has a market cap of $9.64 billion, a P/E ratio of -2.39 and a beta of 1.08. 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 Activity at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The stock was acquired 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 trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $3,209,000. Rhumbline Advisers grew its stake in shares of Lucid Group by 6.8% in 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 during the period. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock valued at $1,097,000 after purchasing an additional 238,628 shares during the last quarter. Hedge funds and other institutional investors 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.