Lucid Group (NASDAQ:LCID) Shares Down 3.7% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) was down 3.7% during mid-day trading on Tuesday . The company traded as low as $2.80 and last traded at $2.96. Approximately 52,166,938 shares changed hands during trading, a decline of 38% from the average daily volume of 83,847,789 shares. The stock had previously closed at $3.07.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada lowered their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, 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 report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Down 5.7 %

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 business’s 50-day simple moving average is $2.64 and its two-hundred day simple moving average is $3.05. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of -2.16 and a beta of 0.94.

Insider Activity

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 shares were purchased at an average cost 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 of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Point72 Italy S.r.l. acquired a new stake in Lucid Group during the 3rd quarter valued at $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group during the third quarter valued at about $863,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 acquiring an additional 2,335,452 shares in the last quarter. CWM LLC increased its position in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Lucid Group by 2.5% in the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares in the last quarter. Hedge funds and other 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.