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

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report 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. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Royal Bank of Canada decreased their price target 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus 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 stock has a fifty day simple moving average of $2.47 and a 200-day simple moving average of $2.99. The company has a market capitalization of $7.77 billion, a P/E ratio of -1.87 and a beta of 1.08.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Point72 Italy S.r.l. bought a new stake in Lucid Group during the 3rd quarter worth about $3,209,000. Main Management ETF Advisors LLC bought a new stake in shares of Lucid Group during the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. CWM LLC raised its position in Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after purchasing an additional 6,771 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in Lucid Group during the 3rd quarter worth $824,000. 75.17% of the stock is owned by 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.