Lucid Group (NASDAQ:LCID) Shares Down 0.5% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 0.5% during trading on Thursday . The stock traded as low as $2.14 and last traded at $2.17. Approximately 20,309,760 shares traded hands during trading, a decline of 44% from the average daily volume of 35,962,816 shares. The stock had previously closed at $2.18.

Analysts Set New Price Targets

LCID has been the topic of a number of recent research reports. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, R. F. Lafferty raised shares of 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 assigned a buy rating to the stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus target price of $3.27.

Lucid Group Price Performance

The firm has a 50 day moving average of $3.00 and a two-hundred day moving average of $3.07. The company has a market cap of $4.70 billion, a PE ratio of -1.50 and a beta of 1.11. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business’s 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 acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 valued at $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Finally, Point72 Italy S.r.l. bought a new position in Lucid Group during the third quarter valued at approximately $3,209,000. 75.17% of the stock is owned by 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.