Lucid Group (NASDAQ:LCID) Trading Down 4.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 4.3% during mid-day trading on Monday . The stock traded as low as $2.85 and last traded at $2.89. Approximately 25,648,130 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 92,228,094 shares. The stock had previously closed at $3.02.

Wall Street Analyst Weigh In

Several brokerages have issued reports on LCID. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. 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. Royal Bank of Canada decreased their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Price Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of -2.19 and a beta of 0.94. The firm has a 50-day simple moving average of $2.54 and a two-hundred day simple moving average of $3.04.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost 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 of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter valued at about $26,000. Frank Rimerman Advisors LLC boosted its holdings in 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 buying an additional 9,250 shares during the last quarter. GAMMA Investing LLC increased its stake in Lucid Group by 73.7% during the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after buying an additional 5,031 shares in the last quarter. Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the third quarter valued at approximately $38,000. Finally, Latko Wealth Management Ltd. purchased a new position in shares of Lucid Group in the third quarter valued at approximately $39,000. Institutional investors and hedge funds 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.