Lucid Group (NASDAQ:LCID) Shares Down 0.7% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) was down 0.7% on Tuesday . The stock traded as low as $2.98 and last traded at $2.99. Approximately 19,508,828 shares changed hands during trading, a decline of 78% from the average daily volume of 89,781,523 shares. The stock had previously closed at $3.01.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on LCID shares. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective 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, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Price Performance

The stock has a market cap of $9.28 billion, a PE ratio of -2.30 and a beta of 0.94. 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 fifty day moving average is $2.59 and its 200 day moving average is $3.05.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company’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 completion of the purchase, the director now directly owns 8,041,393 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in shares of 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 in the last quarter. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the third quarter worth $3,209,000. Rhumbline Advisers raised its holdings in Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after acquiring an additional 238,628 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Lucid Group by 18.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 264,900 shares of the company’s stock worth $935,000 after acquiring an additional 40,800 shares in the last quarter. Hedge funds and other institutional investors 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.