Lucid Group (NASDAQ:LCID) Trading Down 3.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) fell 3.5% during 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.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on LCID shares. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. 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 research report on Monday, November 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and an average price target of $3.04.

Lucid Group Price Performance

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

Insider Activity

In other news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average price 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 in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Lucid Group by 84.6% in 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. Point72 Italy S.r.l. bought a new stake in Lucid Group during the third quarter worth approximately $3,209,000. Bank of New York Mellon Corp raised its position in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the period. Main Management ETF Advisors LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at approximately $863,000. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of 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 during the period. 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.