Lucid Group (NASDAQ:LCID) Shares Down 0.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 0.5% during mid-day trading on Thursday . The company traded as low as $2.14 and last traded at $2.17. Approximately 20,309,760 shares were traded during trading, a decline of 44% from the average daily volume of 35,962,816 shares. The stock had previously closed at $2.18.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LCID. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research 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 price target on the stock in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $3.27.

Lucid Group Stock Performance

The firm’s fifty day moving average price is $3.00 and its 200 day moving average price is $3.07. The firm has a market cap of $4.70 billion, a P/E ratio of -1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insiders Place Their Bets

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on 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 purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in LCID. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter worth about $3,209,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after acquiring an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 acquiring an additional 581,082 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.