Lucid Group (NASDAQ:LCID) Reaches New 12-Month Low – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price hit a new 52-week low during trading on Friday . The company traded as low as $2.01 and last traded at $2.02, with a volume of 8888412 shares. The stock had previously closed at $2.08.

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Stock Down 3.4 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock’s 50 day simple moving average is $3.03 and its 200 day simple moving average is $3.07. The firm has a market cap of $4.70 billion, a P/E ratio of -1.51 and a beta of 1.11.

Insider Transactions at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. CWM LLC lifted its position in shares of Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after buying an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after acquiring an additional 238,628 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after acquiring an additional 732,463 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other 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.