Lucid Group (NASDAQ:LCID) Stock Price Down 0.5% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 0.5% during trading on Wednesday . The company traded as low as $2.08 and last traded at $2.11. Approximately 12,760,599 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 37,587,324 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

LCID has been the subject of a number of research reports. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Trading Down 0.9 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm’s 50-day simple moving average is $2.63 and its 200 day simple moving average is $3.01. The stock has a market capitalization of $6.32 billion, a P/E ratio of -1.57 and a beta of 1.08.

Insiders Place Their Bets

In related news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the stock. CWM LLC increased its stake in 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 purchasing an additional 6,771 shares in the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group in the 3rd quarter worth about $3,209,000. Price T Rowe Associates Inc. MD increased its stake in Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after purchasing an additional 23,752 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Lucid Group by 39.8% in the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after purchasing an additional 10,383 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.