Lucid Group (NASDAQ:LCID) Stock Price Down 4.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 4.7% during mid-day trading on Monday . The stock traded as low as $3.03 and last traded at $3.05. Approximately 23,138,814 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 42,571,711 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

LCID has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Down 2.2 %

The firm’s 50 day simple moving average is $2.41 and its 200-day simple moving average is $3.00. 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 company has a market cap of $9.43 billion, a price-to-earnings ratio of -2.34 and a beta of 1.08.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group during the third quarter worth $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the 3rd quarter worth $863,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 valued at $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. CWM LLC increased its stake in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Lucid Group by 2.5% during the third 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 in the last quarter. 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.