Lucid Group (NASDAQ:LCID) Stock Price Down 4.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 4.1% during trading on Wednesday . The stock traded as low as $2.98 and last traded at $3.02. Approximately 153,703,031 shares changed hands during mid-day trading, an increase of 255% from the average daily volume of 43,318,168 shares. The stock had previously closed at $3.15.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Royal Bank of Canada lowered their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Finally, R. F. Lafferty raised 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The company has a 50-day moving average price of $2.45 and a 200-day moving average price of $3.01. The firm has a market capitalization of $9.13 billion, a P/E ratio of -2.26 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insiders Place Their Bets

In other news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth approximately $26,000. Frank Rimerman Advisors LLC raised 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 acquiring an additional 9,250 shares during the period. Lake Street Advisors Group LLC acquired a new stake in shares of Lucid Group during the second quarter worth $38,000. Crumly & Associates Inc. bought a new stake in Lucid Group in the 3rd quarter valued at $38,000. Finally, Latko Wealth Management Ltd. acquired a new position in Lucid Group in the 3rd quarter worth $39,000. 75.17% of the stock is 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.