Lucid Group (NASDAQ:LCID) Shares Down 0.7% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 0.7% during mid-day trading on Tuesday . The company traded as low as $2.98 and last traded at $2.99. Approximately 19,508,828 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 89,781,523 shares. The stock had previously closed at $3.01.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on LCID shares. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $9.28 billion, a P/E ratio of -2.30 and a beta of 0.94. The business’s 50-day moving average price is $2.59 and its two-hundred day moving average price is $3.05.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, with a total value 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 position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in shares of Lucid Group during the second quarter worth approximately $26,000. Frank Rimerman Advisors LLC lifted its stake in Lucid Group by 925.0% during 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 during the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Lucid Group in the 4th quarter valued at $33,000. GAMMA Investing LLC increased its stake 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. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter worth $38,000. 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.