Lucid Group (NASDAQ:LCID) Trading Down 0.5% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 0.5% during mid-day trading on Wednesday . The company traded as low as $2.08 and last traded at $2.11. Approximately 12,760,599 shares were traded during trading, a decline of 66% from the average daily volume of 37,587,324 shares. The stock had previously closed at $2.12.

Wall Street Analyst Weigh In

LCID has been the subject of a number of analyst reports. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Performance

The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of -1.67 and a beta of 1.08. The company has a fifty day moving average of $2.57 and a two-hundred day moving average of $3.00. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Italy S.r.l. bought a new stake in Lucid Group during the 3rd quarter worth $3,209,000. CWM LLC grew its position in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after buying an additional 6,771 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after buying an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Lucid Group by 39.8% in the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after buying an additional 10,383 shares during the last quarter. 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.