Lucid Group (NASDAQ:LCID) Shares Down 0.5% – Here’s What Happened

by · The Markets Daily

Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price fell 0.5% during trading on Thursday . The company traded as low as $2.14 and last traded at $2.17. 20,309,760 shares changed hands during trading, a decline of 44% from the average session volume of 35,962,816 shares. The stock had previously closed at $2.18.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Monday. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.27.

Check Out Our Latest Analysis on Lucid Group

Lucid Group Trading Down 2.8 %

The company has a market cap of $4.96 billion, a PE ratio of -1.62 and a beta of 1.11. The stock has a fifty day moving average of $3.06 and a 200-day moving average of $3.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on 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 approximately $20,827,207.87. The trade was a -100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on 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 directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new stake in Lucid Group during the 2nd quarter valued at about $26,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the second quarter worth about $27,000. Frank Rimerman Advisors LLC grew its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the 2nd quarter valued at approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its stake in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

(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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