Lucid Group (NASDAQ:LCID) Trading Down 6.3% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 6.3% on Thursday . The company traded as low as $2.97 and last traded at $2.98. Approximately 78,147,522 shares traded hands during trading, a decline of 29% from the average daily volume of 110,004,602 shares. The stock had previously closed at $3.18.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of recent analyst reports. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. 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. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Royal Bank of Canada decreased their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $3.04.

Lucid Group Stock Down 6.3 %

The firm's fifty day moving average is $2.52 and its 200-day moving average is $3.03. The company has a market capitalization of $8.97 billion, a P/E ratio of -2.22 and a beta of 0.94. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of LCID. Principal Financial Group Inc. raised its position in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company's stock worth $172,000 after purchasing an additional 3,715 shares during the last quarter. Pine Valley Investments Ltd Liability Co raised its position in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after acquiring an additional 3,816 shares during the last quarter. Greenleaf Trust raised its position in shares of Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company's stock worth $90,000 after acquiring an additional 4,604 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after acquiring an additional 5,031 shares during the period. Finally, Amalgamated Bank increased its position in Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company's stock valued at $125,000 after purchasing an additional 5,337 shares during the period. 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.