Lucid Group (NASDAQ:LCID) Stock Price Up 6% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price shot up 6% during mid-day trading on Monday . The company traded as high as $2.16 and last traded at $2.13. 29,992,725 shares traded hands during trading, a decline of 18% from the average session volume of 36,440,766 shares. The stock had previously closed at $2.01.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LCID. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.27.

Lucid Group Stock Performance

The stock has a market cap of $5.00 billion, a price-to-earnings ratio of -1.61 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company’s 50 day simple moving average is $3.00 and its 200 day simple moving average is $3.07.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction dated 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 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group during the 2nd quarter worth $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC increased its stake in Lucid Group by 925.0% during the second 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 during the period. QRG Capital Management Inc. bought a new position in Lucid Group during the second quarter valued at about $34,000. Finally, Pine Valley Investments Ltd Liability Co boosted its holdings in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 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.