Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 7.8% during mid-day trading on Tuesday . The stock traded as low as $2.33 and last traded at $2.35. 37,492,315 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 39,391,371 shares. The stock had previously closed at $2.55.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on LCID shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut 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. Finally, Cfra set a $2.00 target price on Lucid Group in a research report 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 issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $3.16.
Check Out Our Latest Stock Report on Lucid Group
Lucid Group Stock Down 8.2 %
The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $7.05 billion, a P/E ratio of -1.75 and a beta of 1.09. The firm's fifty day moving average is $2.52 and its 200-day moving average is $3.00.
Insider Transactions at Lucid Group
In related news, Director Public Investment Fund bought 374,717,927 shares of the company's stock in a transaction on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 61.26% of the stock is owned by company insiders.
Institutional Trading of Lucid Group
A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Charles Schwab Investment Management Inc. boosted its position in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after buying an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company's stock valued at $7,000,000 after acquiring an additional 581,082 shares during the last quarter. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter worth about $3,209,000. Rhumbline Advisers raised its holdings in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after purchasing an additional 46,997 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position 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 valued at $1,097,000 after purchasing an additional 238,628 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.
About Lucid Group
(
Get Free Report)
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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