Lucid Group (NASDAQ:LCID) Trading Down 3.7% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 3.7% during trading on Tuesday . The stock traded as low as $2.80 and last traded at $2.96. Approximately 52,166,938 shares traded hands during trading, a decline of 38% from the average daily volume of 83,847,789 shares. The stock had previously closed at $3.07.

Analysts Set New Price Targets

Several analysts recently weighed in on LCID shares. 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 report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Trading Down 5.7 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm’s fifty day moving average price is $2.64 and its 200-day moving average price is $3.05. The company has a market cap of $8.72 billion, a price-to-earnings ratio of -2.16 and a beta of 0.94.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently bought and sold shares of the stock. Point72 Italy S.r.l. bought a new position in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC bought a new stake in Lucid Group during the third quarter worth approximately $863,000. Charles Schwab Investment Management Inc. lifted its position in 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 worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. CWM LLC boosted its stake in Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock valued at $930,000 after purchasing an additional 6,374 shares during the period. Institutional investors and hedge funds 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.