Lucid Group (NASDAQ:LCID) Sees Strong Trading Volume – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares saw unusually-strong trading volume on Tuesday . Approximately 37,619,267 shares traded hands during mid-day trading, a decline of 10% from the previous session’s volume of 41,831,328 shares.The stock last traded at $3.26 and had previously closed at $3.10.

Analyst Ratings Changes

LCID has been the topic of several recent research reports. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Stock Performance

The company has a market cap of $9.64 billion, a PE ratio of -2.39 and a beta of 1.08. The stock’s 50 day simple moving average is $2.38 and its two-hundred day simple moving average is $2.99. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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 dated Wednesday, October 30th. The stock was acquired at an average price 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. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter worth $26,000. Frank Rimerman Advisors LLC boosted its position in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% in the 2nd 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. Lake Street Advisors Group LLC purchased a new position in Lucid Group in the second quarter valued at about $38,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the third quarter worth $38,000. 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.