Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) fell 2.4% during mid-day trading on Friday . The stock traded as low as $2.01 and last traded at $2.03. 19,196,596 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 36,097,324 shares. The stock had previously closed at $2.08.

Analysts Set New Price Targets

Several brokerages recently issued reports on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $3.27.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -1.51 and a beta of 1.11. The company’s 50-day simple moving average is $3.03 and its 200-day simple moving average is $3.07.

Insiders Place Their Bets

In other news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Lucid Group by 42.9% during the 1st 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, Point72 Italy S.r.l. bought a new position in shares of Lucid Group during the 3rd quarter worth about $3,209,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.