Lucid Group (NASDAQ:LCID) Shares Down 3.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LCID. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday. Finally, Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Up 1.3 %

The stock has a 50-day moving average price of $2.54 and a two-hundred day moving average price of $3.04. The stock has a market capitalization of $9.10 billion, a PE ratio of -2.25 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of 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 the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC bought a new stake in Lucid Group in the third quarter worth $863,000. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% during the third 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. CWM LLC increased its holdings in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after buying an additional 6,374 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.