Lucid Group (NASDAQ:LCID) Trading Down 6.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 6.3% during mid-day trading on Thursday . The company traded as low as $2.97 and last traded at $2.98. Approximately 78,147,522 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 110,004,602 shares. The stock had previously closed at $3.18.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LCID. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada cut their target price 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. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Down 6.3 %

The firm has a market cap of $8.97 billion, a PE ratio of -2.22 and a beta of 0.94. 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 company has a 50-day simple moving average of $2.51 and a 200-day simple moving average of $3.03.

Insiders Place Their Bets

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 stock was purchased at an average price 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 approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group in the third quarter worth $863,000. Finally, Canada Pension Plan Investment Board grew its stake in shares of Lucid Group by 131.3% in the second 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. Hedge funds and other 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.