Lucid Group (NASDAQ:LCID) Trading Down 3% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 3% during mid-day trading on Wednesday . The company traded as low as $2.27 and last traded at $2.29. Approximately 19,514,207 shares were traded during trading, a decline of 51% from the average daily volume of 39,596,988 shares. The stock had previously closed at $2.36.

Wall Street Analyst Weigh In

Several research firms have commented on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. R. F. Lafferty raised 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. Finally, Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Stock Up 1.6 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $7.77 billion, a P/E ratio of -1.87 and a beta of 1.08. The stock has a 50 day moving average price of $2.47 and a 200 day moving average price of $2.99.

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 that occurred on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in Lucid Group during the second quarter worth approximately $26,000. Accredited Investors Inc. acquired a new position in Lucid Group in the 2nd quarter valued at $27,000. Frank Rimerman Advisors LLC raised its holdings in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the period. QRG Capital Management Inc. acquired a new position in Lucid Group during the 2nd quarter worth $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its position 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 acquiring an additional 3,549 shares during the last quarter. Institutional investors and hedge funds 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.