Lucid Group (NASDAQ:LCID) Stock Price Down 6.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 6.3% during trading on Thursday . The stock traded as low as $2.97 and last traded at $2.98. Approximately 78,147,522 shares were traded during mid-day 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

Several equities analysts have commented on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada decreased 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 report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Performance

The stock’s 50 day simple moving average is $2.51 and its two-hundred day simple moving average is $3.03. The company has a market cap of $8.97 billion, a PE ratio of -2.22 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC bought a new position in Lucid Group during the 2nd quarter valued at $26,000. Frank Rimerman Advisors LLC grew its stake in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock worth $36,000 after purchasing an additional 5,031 shares during the period. Crumly & Associates Inc. purchased a new stake in Lucid Group in the 3rd quarter worth approximately $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in shares of Lucid Group during the third quarter worth $39,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.