Lucid Group (NASDAQ:LCID) Upgraded by R. F. Lafferty to "Buy" Rating

Lucid Group (NASDAQ:LCID - Get Free Report) was upgraded by research analysts at R. F. Lafferty from a "hold" rating to a "buy" rating in a note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $4.00 price target on the stock. R. F. Lafferty's target price indicates a potential upside of 70.94% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday. Robert W. Baird restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $3.27.

Lucid Group Trading Up 5.9 %

Shares of Lucid Group stock traded up $0.13 on Monday, reaching $2.34. The company had a trading volume of 102,608,274 shares, compared to its average volume of 35,560,977. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The firm's 50-day moving average price is $3.16 and its two-hundred day moving average price is $3.09. Lucid Group has a 1 year low of $2.02 and a 1 year high of $5.31.

Insider Activity

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. CWM LLC grew its holdings in Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company's stock worth $121,000 after purchasing an additional 6,771 shares during the last quarter. Vanguard Group Inc. raised 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 buying an additional 489,187 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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 worth $1,242,000 after acquiring an additional 23,752 shares in the last quarter. Canada Pension Plan Investment Board grew its stake 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 worth $1,097,000 after acquiring an additional 238,628 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Lucid Group by 42.9% during 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 in 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.