Lucid Group (NASDAQ:LCID) Shares Down 1.4% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 1.4% during mid-day trading on Tuesday . The stock traded as low as $2.06 and last traded at $2.10. 16,363,986 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 37,549,613 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Finally, 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 on the stock in a research report on Tuesday, November 19th. One investment 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 data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.16.

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 firm’s 50-day moving average is $2.63 and its 200 day moving average is $3.01.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 61.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC lifted its holdings in Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares in the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group during the 3rd quarter valued at about $3,209,000. Price T Rowe Associates Inc. MD increased its stake in shares of Lucid Group by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after acquiring an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after acquiring an additional 238,628 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of Lucid Group by 39.8% during the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after acquiring an additional 10,383 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.