Lucid Group (NASDAQ:LCID) Shares Down 6.4% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 6.4% during mid-day trading on Tuesday . The company traded as low as $2.17 and last traded at $2.19. Approximately 32,356,929 shares traded hands during trading, a decline of 9% from the average daily volume of 35,529,500 shares. The stock had previously closed at $2.34.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. 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. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday. Royal Bank of Canada reissued a "sector perform" rating and issued a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th. Cantor Fitzgerald reissued a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Robert W. Baird reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One research 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $3.27.

Lucid Group Trading Down 8.5 %

The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $3.13 and a 200-day moving average price of $3.09. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of -1.63 and a beta of 1.11.

Insiders Place Their Bets

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares of the company's stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Lucid Group news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares of the company's stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Public Investment Fund bought 374,717,927 shares of the company's stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value 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. The trade was a -100.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 61.26% of the company's stock.

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Norden Group LLC purchased a new position in shares of Lucid Group during the 1st quarter worth about $32,000. SG Americas Securities LLC increased its position in shares of Lucid Group by 226.4% during the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company's stock worth $1,238,000 after purchasing an additional 301,349 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in Lucid Group in the 1st quarter valued at approximately $29,000. US Bancorp DE increased its position in shares of Lucid Group by 7.6% in the 1st quarter. US Bancorp DE now owns 138,388 shares of the company's stock valued at $394,000 after purchasing an additional 9,739 shares during the last quarter. Finally, Heritage Wealth Advisors increased its holdings in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company's stock valued at $33,000 after acquiring an additional 4,000 shares during the period. 75.17% of the stock is currently owned by hedge funds and other 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.

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