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

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped up prior to trading on Monday . The stock had previously closed at $3.29, but opened at $3.61. Lucid Group shares last traded at $3.51, with a volume of 23,116,081 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on LCID shares. Royal Bank of Canada lowered their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Performance

The firm has a market capitalization of $9.58 billion, a P/E ratio of -2.37 and a beta of 0.94. 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 firm has a 50-day moving average price of $2.49 and a two-hundred day moving average price of $3.03.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the second quarter valued at about $26,000. Frank Rimerman Advisors LLC increased 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 valued at $27,000 after purchasing an additional 9,250 shares during the period. GAMMA Investing LLC raised its holdings in shares of Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after purchasing an additional 5,031 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Lucid Group in the 2nd quarter worth approximately $38,000. Finally, Crumly & Associates Inc. bought a new position in shares of Lucid Group during the third quarter valued at approximately $38,000. 75.17% of the stock is currently owned by hedge funds and other 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.