Lucid Group (NASDAQ:LCID) Trading 1.6% Higher - Is it a Good Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) saw its share price rise by 1.6% during trading on Thursday. The stock reached a high of $2.65 and later traded at $2.57. During the session, a total of 23,054,287 shares changed hands, which is a notable decline of 44% compared to the average trading volume of 40,860,926 shares. The previous closing price of the stock was $2.53.

Analyst Opinions on Lucid Group

When it comes to the outlook for Lucid Group's stock, opinions vary among analysts. Needham & Company LLC maintained a "hold" rating on the shares as of November 8. On October 8, Cantor Fitzgerald also reaffirmed a "neutral" rating, setting a target price of $4.00 for the stock. Meanwhile, Robert W. Baird reissued a "neutral" rating with a price target of $3.00 on October 7. In contrast, Royal Bank of Canada reduced its price target from $3.00 to $2.00, assigning a "sector perform" rating on November 19. Cfra similarly set a target price of $2.00 on October 17. According to MarketBeat, the consensus rating for the stock is currently "Hold" with an average target price of $3.16.

Performance Metrics of Lucid Group

Lucid Group's current financial ratios provide additional insight into its stability. The company boasts a current ratio of 3.71 and a quick ratio of 3.26, alongside a debt-to-equity ratio of 0.77. As of now, the company's market capitalization sits at approximately $7.98 billion, with a P/E ratio of -1.98 and a beta value of 1.08. The stock has a fifty-day moving average of $2.41 and a 200-day moving average of $2.99.

Insider Transactions

Recent insider activity has also caught the attention of investors. On October 30, Director Public Investment Fund acquired a substantial 374,717,927 shares of Lucid Group at an average price of $2.59 per share, resulting in a total transaction amounting to about $970.52 million. Following this purchase, the director now directly owns 8,041,393 shares in the company, valued at approximately $20.83 million, marking a significant increase of over 102% in their holding. It’s worth noting that 61.26% of Lucid Group shares are held by corporate insiders.

Institutional Investors and Hedge Funds

Institutional investment and hedge fund activity highlight further interest in Lucid Group. Recently, Point72 Italy S.r.l. acquired a new stake valued at approximately $3.21 million during the third quarter. Similarly, Main Management ETF Advisors LLC and Charles Schwab Investment Management Inc. made notable investments, with the latter increasing its holdings by 84.6%. As of now, 75.17% of the company's stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc. is a technology firm focused on designing, engineering, manufacturing, and selling electric vehicles (EVs), EV powertrains, and battery systems. The company also develops proprietary software specifically for its vehicles. Lucid sells its cars through a combination of direct online sales and a dedicated retail sales network, including Lucid Financial Services.

Lucid, Stocks, Market