Lucid Group (NASDAQ:LCID) Stock Price Down 4.1% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded 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 changed hands during mid-day trading, an increase of 255% from the average session volume of 43,318,168 shares. The stock had previously closed at $3.15.

Analyst Ratings Changes

A number of equities analysts have weighed in on LCID shares. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. 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 for the company in a report on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a 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 note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Trading Up 0.3 %

The stock has a market cap of $9.13 billion, a price-to-earnings ratio of -2.26 and a beta of 1.08. The business has a 50-day simple moving average of $2.45 and a two-hundred day simple moving average of $3.01. 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 at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now 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 purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co increased its stake in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Lucid Group by 14.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company’s stock worth $226,000 after buying an additional 8,074 shares during the period. Coldstream Capital Management Inc. acquired a new stake in shares of Lucid Group during the third quarter worth $53,000. M&T Bank Corp boosted its position in shares of Lucid Group by 46.0% in the third quarter. M&T Bank Corp now owns 222,335 shares of the company’s stock valued at $785,000 after acquiring an additional 70,079 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Lucid Group in the third quarter valued at about $121,000. Institutional investors own 75.17% of the company’s stock.

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.