Lucid Group (NASDAQ:LCID) Trading Down 3.5% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 3.5% during mid-day trading on Wednesday . The stock traded as low as $3.01 and last traded at $3.07. 23,279,955 shares changed hands during trading, a decline of 76% from the average session volume of 98,521,297 shares. The stock had previously closed at $3.18.

Wall Street Analyst Weigh In

LCID has been the topic of several recent analyst reports. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada decreased their price target on shares of 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. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday. Finally, 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 report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Down 4.7 %

The stock has a market capitalization of $9.13 billion, a P/E ratio of -2.26 and a beta of 0.94. 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 50-day moving average price of $2.49 and a 200 day moving average price of $3.03.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average price 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC increased its position 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 valued at $27,000 after acquiring an additional 9,250 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the second quarter valued at about $26,000. Crumly & Associates Inc. purchased a new position in shares of Lucid Group in the third quarter worth about $38,000. Latko Wealth Management Ltd. purchased a new stake in Lucid Group in the third quarter valued at approximately $39,000. Finally, GAMMA Investing LLC increased its holdings in Lucid Group by 73.7% in 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 during the period. 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.