Lucid Group (NASDAQ:LCID) Trading Down 4.3% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 4.3% during trading on Monday . The company traded as low as $2.85 and last traded at $2.89. 25,648,130 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 92,228,094 shares. The stock had previously closed at $3.02.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. 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 note on Tuesday, November 19th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Down 3.0 %

The business’s 50 day moving average price is $2.54 and its 200-day moving average price is $3.04. 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 firm has a market capitalization of $8.82 billion, a PE ratio of -2.19 and a beta of 0.94.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 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 cost of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of large investors have recently modified their holdings of the stock. Frank Rimerman Advisors LLC increased its holdings in Lucid Group by 925.0% during 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. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group during the second quarter worth approximately $26,000. Crumly & Associates Inc. acquired a new stake in Lucid Group in the third quarter valued at approximately $38,000. Latko Wealth Management Ltd. acquired a new position in Lucid Group during the 3rd quarter worth approximately $39,000. Finally, GAMMA Investing LLC increased its position in shares of Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after purchasing an additional 5,031 shares during 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.