Lucid Group (NASDAQ:LCID) Stock Price Down 0.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 0.5% on Wednesday . The company traded as low as $2.08 and last traded at $2.11. Approximately 12,760,599 shares changed hands during trading, a decline of 66% from the average daily volume of 37,587,324 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

LCID has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. 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 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, Royal Bank of Canada lowered their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

The firm has a market capitalization of $6.32 billion, a PE ratio of -1.57 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. The company’s fifty day moving average price is $2.63 and its two-hundred day moving average price is $3.01.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased 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 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. CWM LLC grew its position in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares in the last quarter. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group during the third quarter worth approximately $3,209,000. Price T Rowe Associates Inc. MD grew its position in shares of Lucid Group by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after buying an additional 23,752 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after buying an additional 238,628 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Lucid Group by 39.8% during the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after buying an additional 10,383 shares in the last quarter. Hedge funds and other institutional investors 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.