Lucid Group (NASDAQ:LCID) Stock Price Down 0.5% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 0.5% during trading on Monday . The stock traded as low as $2.14 and last traded at $2.17. Approximately 18,950,653 shares changed hands during trading, a decline of 49% from the average daily volume of 37,413,094 shares. The stock had previously closed at $2.18.

Analyst Ratings Changes

LCID has been the topic of several research analyst reports. Robert W. Baird restated 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 decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Finally, R. F. Lafferty upgraded 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. According to MarketBeat, Lucid Group presently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The stock’s 50-day moving average price is $2.68 and its 200 day moving average price is $3.02. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -1.60 and a beta of 1.11. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Activity

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC raised its position in Lucid Group by 925.0% in the second 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 in the last quarter. Accredited Investors Inc. acquired a new position in Lucid Group in the second quarter worth about $27,000. Sanctuary Advisors LLC acquired a new position in Lucid Group in the second quarter worth about $26,000. Crumly & Associates Inc. acquired a new position in Lucid Group in the third quarter worth about $38,000. Finally, Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group during the third quarter worth approximately $39,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.