Lucid Group (NASDAQ:LCID) Trading Down 1.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 1.2% on Friday . The stock traded as low as $2.45 and last traded at $2.51. Approximately 12,654,970 shares changed hands during trading, a decline of 68% from the average daily volume of 40,097,863 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LCID. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada lowered their price objective on 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. R. F. Lafferty upgraded 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. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. One equities research 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 company currently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Up 1.6 %

The stock’s 50-day moving average price is $2.46 and its 200-day moving average price is $2.99. 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 stock has a market cap of $7.77 billion, a price-to-earnings ratio of -1.93 and a beta of 1.08.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Point72 Italy S.r.l. bought a new position in Lucid Group during the third quarter worth $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the 3rd quarter valued at about $863,000. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the period. CWM LLC raised 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 purchasing an additional 6,771 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Lucid Group by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after purchasing an additional 6,374 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.