Lucid Group (NASDAQ:LCID) Trading Down 6.4% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 6.4% during trading on Tuesday . The company traded as low as $2.17 and last traded at $2.19. 32,356,929 shares changed hands 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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LCID. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. 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 company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Trading Down 4.6 %

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 price-to-earnings ratio of -1.62 and a beta of 1.11. The business has a fifty day moving average of $3.06 and a 200-day moving average of $3.08.

Insider Activity at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 bought at an average price of $2.59 per share, with a total value 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 $20,827,207.87. This trade represents a -102.19 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised 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 acquiring an additional 489,187 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp raised its position in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after acquiring an additional 732,463 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock worth $1,936,000 after purchasing an additional 46,997 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.