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

Lucid Group, Inc. (NASDAQ:LCID) saw unusually-strong trading volume on Monday . Approximately 21,250,419 shares changed hands during trading, a decline of 42% from the previous session’s volume of 36,380,094 shares.The stock last traded at $2.13 and had previously closed at $2.01.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LCID shares. 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. 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 research report on Monday, November 11th. Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target 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 given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Trading Down 1.9 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average is $2.94 and its 200 day moving average is $3.06. The company has a market cap of $6.32 billion, a price-to-earnings ratio of -1.57 and a beta of 1.11.

Insider Activity at Lucid Group

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 shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the third quarter worth $3,209,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after buying an additional 732,463 shares in 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 worth $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.