Lucid Group (NASDAQ:LCID) Trading 1.2% Higher – Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) shot up 1.2% on Tuesday . The company traded as high as $3.62 and last traded at $3.37. 50,671,053 shares were traded during mid-day trading, a decline of 49% from the average session volume of 99,356,781 shares. The stock had previously closed at $3.33.

Analysts Set New Price Targets

LCID has been the subject of several recent analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday. R. F. Lafferty upgraded 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, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Royal Bank of Canada cut their price objective 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 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Down 3.3 %

The stock has a 50-day moving average price of $2.48 and a 200-day moving average price of $3.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $9.70 billion, a P/E ratio of -2.40 and a beta of 0.94.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Frank Rimerman Advisors LLC lifted its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Lucid Group in the second quarter valued at approximately $26,000. Crumly & Associates Inc. purchased a new position in shares of Lucid Group during the third quarter valued at approximately $38,000. Latko Wealth Management Ltd. bought a new position in shares of Lucid Group during the third quarter valued at about $39,000. Finally, GAMMA Investing LLC grew its position in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.