Lucid Group (NASDAQ:LCID) Shares Gap Up – Time to Buy?

Shares of Lucid Group, Inc. (NASDAQ:LCID) gapped up before the market opened on Friday . The stock had previously closed at $2.22, but opened at $2.35. Lucid Group shares last traded at $2.29, with a volume of 17,108,586 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LCID. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.18.

Lucid Group Stock Down 0.5 %

The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -1.83 and a beta of 1.11. The stock has a fifty day moving average of $3.16 and a 200-day moving average of $3.08. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Insider Transactions at Lucid Group

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

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Lucid Group by 27.7% during 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 purchasing an additional 581,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in 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 purchasing an additional 732,463 shares during the last quarter. Rhumbline Advisers boosted its position in Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Lucid Group by 946.6% in the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after buying an additional 474,534 shares during 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.