Lucid Group (NASDAQ:LCID) Shares Down 4.8% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 4.8% during mid-day trading on Friday . The stock traded as low as $3.11 and last traded at $3.14. Approximately 34,454,155 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 42,427,309 shares. The stock had previously closed at $3.30.

Analysts Set New Price Targets

Several analysts recently commented on LCID shares. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Cfra set a $2.00 price objective on Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.16.

Lucid Group Price Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of -2.34 and a beta of 1.08. The company has a 50 day moving average of $2.39 and a 200 day moving average of $3.00.

Insider Activity

In other news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Lucid Group in the second quarter valued at $26,000. Frank Rimerman Advisors LLC boosted its position in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in Lucid Group by 34.9% in the second 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 in the last quarter. Lake Street Advisors Group LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth approximately $38,000. Finally, Crumly & Associates Inc. bought a new stake in shares of Lucid Group during the 3rd quarter worth approximately $38,000. 75.17% of the stock is currently owned by institutional investors.

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.