Lucid Group (NASDAQ:LCID) Shares Down 6.4% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 6.4% on Tuesday . The stock traded as low as $2.17 and last traded at $2.19. 32,356,929 shares were traded during mid-day trading, a decline of 9% from the average session volume of 35,529,500 shares. The stock had previously closed at $2.34.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Price Performance

The company has a 50-day moving average of $3.06 and a two-hundred day moving average of $3.08. 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 stock has a market capitalization of $4.86 billion, a PE ratio of -1.62 and a beta of 1.11.

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The trade was a 4.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The disclosure for this purchase can be found here. 61.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the second quarter worth $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the second quarter worth about $27,000. Frank Rimerman Advisors LLC grew its stake in Lucid Group by 925.0% in 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 in the last quarter. QRG Capital Management Inc. acquired a new stake in Lucid Group during the second quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after buying an additional 3,549 shares during the last quarter. Institutional investors and hedge funds 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.