Lucid Group (NASDAQ:LCID) Trading Down 7.8% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 7.8% during trading on Tuesday . The company traded as low as $2.33 and last traded at $2.35. 37,492,315 shares traded hands during trading, a decline of 5% from the average session volume of 39,391,371 shares. The stock had previously closed at $2.55.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research reports. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One equities research 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’s stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Price Performance

The company has a 50-day moving average of $2.49 and a 200 day moving average of $2.99. The firm has a market cap of $7.32 billion, a P/E ratio of -1.81 and a beta of 1.09. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Buying and Selling

In related news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 61.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Lucid Group

Several hedge funds have recently modified their holdings of the stock. 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 valued at $36,000 after purchasing an additional 3,549 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after purchasing an additional 3,715 shares during the period. Greenleaf Trust increased its holdings in Lucid Group by 22.0% in the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares during the last quarter. Amalgamated Bank lifted its stake in Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after buying an additional 5,337 shares during the period. Finally, Xponance Inc. boosted its holdings in Lucid Group by 20.8% during the second quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after buying an additional 5,493 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.