Lucid Group (NASDAQ:LCID) Shares Down 3.5% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 3.5% during trading on Wednesday . The company traded as low as $3.01 and last traded at $3.07. Approximately 23,279,955 shares changed hands during trading, a decline of 76% from the average daily volume of 98,521,297 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday. R. F. Lafferty upgraded 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. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Performance

The firm has a 50 day moving average price of $2.54 and a 200 day moving average price of $3.04. The stock has a market cap of $9.10 billion, a PE ratio of -2.25 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the firm’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 acquisition, the director now 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group during the second quarter valued at $26,000. Frank Rimerman Advisors LLC lifted its holdings in shares of Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Crumly & Associates Inc. purchased a new stake in Lucid Group in the third quarter valued at approximately $38,000. Finally, Latko Wealth Management Ltd. acquired a new position in Lucid Group in the 3rd quarter worth approximately $39,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.