Lucid Group (NASDAQ:LCID) Stock Price Down 4.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares were down 4.1% during mid-day trading on Wednesday . The company traded as low as $2.98 and last traded at $3.02. Approximately 153,703,031 shares traded hands during trading, an increase of 255% from the average daily volume of 43,318,168 shares. The stock had previously closed at $3.15.

Wall Street Analysts Forecast Growth

LCID has been the topic of several recent analyst reports. Royal Bank of Canada reduced 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. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Finally, Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The firm has a market capitalization of $9.10 billion, a PE ratio of -2.25 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 stock has a fifty day moving average price of $2.43 and a 200-day moving average price of $3.01.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on 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 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. The trade was a -102.19 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group during the third quarter valued at about $3,209,000. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares during the last quarter. Main Management ETF Advisors LLC acquired a new stake in Lucid Group in the 3rd quarter worth approximately $863,000. Finally, Canada Pension Plan Investment Board grew its position in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after purchasing an additional 238,628 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.