Lucid Group (NASDAQ:LCID) Sees Unusually-High Trading Volume – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares saw strong trading volume on Tuesday . 37,619,267 shares were traded 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.

Analysts Set New Price Targets

LCID has been the topic of several recent analyst reports. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Up 4.5 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market cap of $9.76 billion, a price-to-earnings ratio of -2.42 and a beta of 1.08. The business has a fifty day moving average price of $2.39 and a two-hundred day moving average price of $2.99.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were bought 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 in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co grew its stake in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares during the last quarter. Principal Financial Group Inc. raised its position in Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares in the last quarter. Greenleaf Trust boosted its holdings in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares in the last quarter. Amalgamated Bank grew its stake in shares of Lucid Group by 12.5% in the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after purchasing an additional 5,337 shares during the period. Finally, Xponance Inc. lifted its position in shares of Lucid Group by 20.8% during the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after buying an additional 5,493 shares during the period. 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.