Lucid Group (NASDAQ:LCID) Reaches New 52-Week Low - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The company traded as low as $2.01 and last traded at $2.02, with a volume of 8888412 shares traded. The stock had previously closed at $2.08.

Analysts Set New Price Targets

Several analysts have commented on LCID shares. Robert W. Baird reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a report on Monday. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $3.27.

Lucid Group Trading Down 3.4 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -1.50 and a beta of 1.11. The business has a 50-day moving average of $3.00 and a two-hundred day moving average of $3.07.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average cost 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 of the company's stock, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 61.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC grew its position in shares of Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company's stock worth $121,000 after buying an additional 6,771 shares during the period. Vanguard Group Inc. increased its position 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. Price T Rowe Associates Inc. MD boosted its stake in Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company's stock worth $1,242,000 after purchasing an additional 23,752 shares during the period. Canada Pension Plan Investment Board increased its holdings in Lucid Group by 131.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company's stock worth $1,097,000 after purchasing an additional 238,628 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Lucid Group by 42.9% during 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 buying an additional 732,463 shares in the last quarter. Institutional investors 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.