Lucid Group (NASDAQ:LCID) Stock Price Down 6.3% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) fell 6.3% during trading on Thursday . The stock traded as low as $2.97 and last traded at $2.98. 78,147,522 shares changed hands during trading, a decline of 29% from the average session volume of 110,004,602 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

Several brokerages have recently commented on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. 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 note on Tuesday, November 19th. Needham & Company LLC restated 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 $3.00 price target on shares of Lucid Group in a research note on Tuesday. Finally, Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Trading Up 1.3 %

The business has a 50-day moving average price of $2.54 and a two-hundred day moving average price of $3.04. The stock has a market capitalization of $9.10 billion, a P/E ratio of -2.25 and a beta of 0.94. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Insider Activity

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Lucid Group by 6.0% in the second 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 last quarter. Commonwealth Equity Services LLC raised its position in Lucid Group by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company’s stock valued at $456,000 after purchasing an additional 14,168 shares during the last quarter. Rhumbline Advisers raised its position in Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after purchasing an additional 46,997 shares during the last quarter. Arizona State Retirement System raised its position in Lucid Group by 2.6% in the second quarter. Arizona State Retirement System now owns 258,301 shares of the company’s stock valued at $674,000 after purchasing an additional 6,606 shares during the last quarter. Finally, Caprock Group LLC bought a new position in Lucid Group in the second quarter valued at about $461,000. 75.17% of the stock is currently 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.