Lucid Group (NASDAQ:LCID) Shares Down 3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 3% on Wednesday . The stock traded as low as $2.27 and last traded at $2.29. Approximately 19,514,207 shares changed hands during trading, a decline of 51% from the average daily volume of 39,596,988 shares. The stock had previously closed at $2.36.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LCID. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.16.

Lucid Group Price Performance

The business has a 50-day moving average of $2.51 and a 200 day moving average of $3.00. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $7.35 billion, a P/E ratio of -1.71 and a beta of 1.09.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the second quarter valued at about $26,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the 2nd quarter worth about $27,000. Frank Rimerman Advisors LLC raised its holdings in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. QRG Capital Management Inc. bought a new position in Lucid Group during the second quarter valued at $34,000. Finally, Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares during the last quarter. 75.17% of the stock is currently owned by 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.