Lucid Group (NASDAQ:LCID) Stock Price Down 3% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 3% during trading on Wednesday . The company traded as low as $2.27 and last traded at $2.29. 19,514,207 shares were traded during trading, a decline of 51% from the average session volume of 39,596,988 shares. The stock had previously closed at $2.36.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. R. F. Lafferty upgraded 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. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The firm’s 50 day simple moving average is $2.51 and its two-hundred day simple moving average is $3.00. The firm has a market capitalization of $7.35 billion, a P/E ratio of -1.71 and a beta of 1.09. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group during the second quarter valued at about $26,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the 2nd quarter worth about $27,000. Frank Rimerman Advisors LLC increased its stake in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. QRG Capital Management Inc. purchased a new position in Lucid Group during the 2nd quarter valued at about $34,000. Finally, Pine Valley Investments Ltd Liability Co boosted its stake in Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares in the last quarter. 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.