Lucid Group (NASDAQ:LCID) Reaches New 12-Month Low – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during trading on Friday . The stock traded as low as $2.01 and last traded at $2.02, with a volume of 8888412 shares. The stock had previously closed at $2.08.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $3.27.

Lucid Group Trading Down 3.4 %

The firm has a market cap of $4.70 billion, a price-to-earnings ratio of -1.50 and a beta of 1.11. 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 business has a 50-day moving average of $3.00 and a 200-day moving average of $3.07.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction 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 completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. US Bancorp DE increased its position in Lucid Group by 7.6% during the first quarter. US Bancorp DE now owns 138,388 shares of the company’s stock worth $394,000 after buying an additional 9,739 shares during the last quarter. Bleakley Financial Group LLC bought a new stake in Lucid Group in the 1st quarter valued at $42,000. Vanguard Group Inc. lifted its holdings in Lucid Group by 0.6% during 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. Healthcare of Ontario Pension Plan Trust Fund boosted its position in 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 purchasing an additional 732,463 shares during the period. Finally, Pitcairn Co. increased its holdings in shares of Lucid Group by 139.3% in the first quarter. Pitcairn Co. now owns 46,736 shares of the company’s stock valued at $133,000 after purchasing an additional 27,205 shares during the last quarter. 75.17% of the stock is currently 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.