Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 2.9% on Wednesday . The stock traded as low as $2.65 and last traded at $2.68. Approximately 15,490,794 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 40,509,648 shares. The stock had previously closed at $2.76.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on LCID. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reissued a "neutral" rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Royal Bank of Canada lowered their price objective on shares of 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. Robert W. Baird reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $3.16.
Read Our Latest Analysis on Lucid Group
Lucid Group Stock Performance
The company has a 50-day simple moving average of $2.41 and a two-hundred day simple moving average of $2.99. 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 firm has a market capitalization of $7.62 billion, a P/E ratio of -1.89 and a beta of 1.08.
Insider Activity at Lucid Group
In other news, Director Public Investment Fund bought 374,717,927 shares of the company's stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction 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. This represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Lucid Group
A number of hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 84.6% during 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 purchasing an additional 2,335,452 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Lucid Group by 27.7% during the 2nd 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 period. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $3,209,000. Rhumbline Advisers grew its stake in shares of Lucid Group by 6.8% in the second quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock worth $1,936,000 after acquiring an additional 46,997 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Lucid Group by 131.3% during the second 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 last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.
About Lucid Group
(
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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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