Lucid Group (NASDAQ:LCID) Trading Down 4.8% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded down 4.8% during mid-day trading on Friday . The stock traded as low as $3.11 and last traded at $3.14. 34,454,155 shares were traded during mid-day trading, a decline of 19% from the average session volume of 42,427,309 shares. The stock had previously closed at $3.30.

Wall Street Analyst Weigh In

Several research firms have commented on LCID. Cantor Fitzgerald reissued a "neutral" rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Finally, Cfra set a $2.00 price target on Lucid Group in a research note on Thursday, October 17th. 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 stock. According to MarketBeat.com, Lucid Group has a consensus rating of "Hold" and a consensus target price of $3.16.

Lucid Group Trading Down 3.0 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company's fifty day moving average is $2.41 and its two-hundred day moving average is $3.00. The company has a market cap of $9.64 billion, a price-to-earnings ratio of -2.39 and a beta of 1.08.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 61.26% of the company's stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC acquired a new stake in Lucid Group in the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC grew its stake in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock valued at $27,000 after acquiring an additional 9,250 shares during the period. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company's stock worth $36,000 after acquiring an additional 3,549 shares in the last quarter. Lake Street Advisors Group LLC acquired a new position in Lucid Group during the second quarter worth $38,000. Finally, Crumly & Associates Inc. purchased a new position in Lucid Group during the third quarter valued at $38,000. 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.