Lucid Group (NASDAQ:LCID) Stock Price Down 3.4% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $2.67 and last traded at $2.76. 35,390,379 shares changed hands during trading, a decline of 58% from the average session volume of 83,978,953 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

Several brokerages recently commented on LCID. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Stock Performance

The stock has a 50 day moving average price of $2.67 and a two-hundred day moving average price of $3.05. 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 company has a market capitalization of $8.40 billion, a price-to-earnings ratio of -2.08 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). The company had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period in the prior year, the firm posted ($0.28) earnings per share. On average, analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Activity

In related 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 bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the company. Mine & Arao Wealth Creation & Management LLC. bought a new position in Lucid Group in the fourth quarter valued at approximately $44,000. R Squared Ltd acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $145,000. Foster Group Inc. bought a new stake in shares of Lucid Group in the fourth quarter valued at about $33,000. Prospect Financial Services LLC acquired a new position in shares of Lucid Group during the fourth quarter worth about $160,000. Finally, Two West Capital Advisors LLC bought a new position in shares of Lucid Group during the fourth quarter worth about $36,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.