Lucid Group (NASDAQ:LCID) Shares Down 4.7% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 4.7% during trading on Monday . The company traded as low as $3.03 and last traded at $3.05. Approximately 23,138,814 shares were traded during trading, a decline of 46% from the average daily volume of 42,571,711 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

Several analysts have recently weighed in on LCID shares. Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reiterated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a report on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Lucid Group has an average rating of "Hold" and an average price target of $3.16.

Lucid Group Stock Performance

The company's fifty day moving average price is $2.41 and its two-hundred day moving average price is $3.00. The firm has a market capitalization of $9.49 billion, a PE ratio of -2.35 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

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Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the business's stock in a transaction dated Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Frank Rimerman Advisors LLC increased its position in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Lucid Group in the second quarter valued at about $26,000. Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the third quarter worth about $38,000. Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group in the third quarter valued at about $39,000. Finally, Clean Yield Group purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $43,000. Hedge funds and other 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.