Lucid Group (NASDAQ:LCID) Trading Down 1.6% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 1.6% during mid-day trading on Wednesday . The company traded as low as $2.12 and last traded at $2.14. 51,932,460 shares changed hands during trading, a decline of 29% from the average session volume of 73,558,536 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LCID. Royal Bank of Canada reduced 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 report on Tuesday, November 19th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 price objective 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 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 target for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The stock has a fifty day moving average of $2.77 and a 200 day moving average of $3.04. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of -1.59 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Activity

In related news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated 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 purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the second quarter worth about $26,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group during the 2nd quarter worth approximately $27,000. Frank Rimerman Advisors LLC raised its stake in shares of 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 buying an additional 9,250 shares during the period. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the 2nd quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co grew its stake in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.