Lucid Group (NASDAQ:LCID) Stock Price Down 0.3% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 0.3% on Monday . The stock traded as low as $3.06 and last traded at $3.07. Approximately 66,742,073 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 90,676,616 shares. The stock had previously closed at $3.08.

Wall Street Analyst Weigh In

LCID has been the subject of several research reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Performance

The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of -2.29 and a beta of 0.94. The firm has a fifty day simple moving average of $2.62 and a 200 day simple moving average of $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Activity

In related news, Director Public Investment Fund purchased 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 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 84.6% during 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 acquiring an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. purchased a new position in Lucid Group in the 3rd quarter valued at $3,209,000. Canada Pension Plan Investment Board lifted its holdings in Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Lucid Group by 18.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 264,900 shares of the company’s stock valued at $935,000 after purchasing an additional 40,800 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Lucid Group by 2.5% during 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 during the last quarter. 75.17% of the stock is currently 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.