Lucid Group (NASDAQ:LCID) Shares Down 2.4% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 2.4% during trading on Friday . The stock traded as low as $2.01 and last traded at $2.03. Approximately 19,196,596 shares traded hands during trading, a decline of 47% from the average daily volume of 36,097,324 shares. The stock had previously closed at $2.08.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. 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 company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.27.

Lucid Group Price Performance

The stock has a 50-day moving average of $3.00 and a two-hundred day moving average of $3.07. The firm has a market cap of $4.70 billion, a price-to-earnings 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.

Insiders Place Their Bets

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was bought 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 of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LCID. CWM LLC grew its stake in Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares in the last quarter. Vanguard Group Inc. boosted 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 worth $238,659,000 after purchasing an additional 489,187 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after buying an additional 23,752 shares during the period. Canada Pension Plan Investment Board increased its stake in Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Lucid Group by 42.9% during the 1st 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 buying an additional 732,463 shares during the period. 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.