Lucid Group (NASDAQ:LCID) Shares Down 2.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 2.9% during mid-day trading on Wednesday . The stock traded as low as $2.65 and last traded at $2.68. Approximately 15,490,794 shares changed hands during trading, a decline of 62% from the average daily volume of 40,509,648 shares. The stock had previously closed at $2.76.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Royal Bank of Canada cut their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Down 6.2 %

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 business’s 50-day simple moving average is $2.43 and its two-hundred day simple moving average is $2.99. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of -1.93 and a beta of 1.08.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Large investors have recently bought and sold shares of the company. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group in the third quarter valued at $3,209,000. Main Management ETF Advisors LLC purchased a new position in Lucid Group in the 3rd quarter valued at about $863,000. Charles Schwab Investment Management Inc. grew its stake in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. CWM LLC grew its stake in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.