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

Lucid Group, Inc. (NASDAQ:LCID) gapped up before the market opened on Friday . The stock had previously closed at $2.22, but opened at $2.35. Lucid Group shares last traded at $2.29, with a volume of 17,108,586 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.18.

Lucid Group Trading Down 0.5 %

The firm has a market cap of $5.17 billion, a P/E ratio of -1.83 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The firm has a fifty day moving average of $3.16 and a 200-day moving average of $3.08.

Insider Buying and Selling

In related news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost 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 in the company, valued at $20,827,207.87. The trade was a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Large investors have recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC increased its position in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares during the period. Meeder Advisory Services Inc. acquired a new stake in Lucid Group in the 1st quarter valued at approximately $29,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the 2nd quarter valued at $27,000. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group during the 2nd quarter valued at $26,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter valued at $38,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.