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

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

Analyst Upgrades and Downgrades

LCID has been the subject of several recent research reports. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price 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 given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $3.27.

Lucid Group Trading 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 company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -1.51 and a beta of 1.11. The firm has a fifty day moving average price of $3.03 and a 200-day moving average price of $3.07.

Insider Buying and Selling at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price 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 $20,827,207.87. This trade represents a -102.19 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Centiva Capital LP acquired a new position in Lucid Group during the third quarter worth about $824,000. Paloma Partners Management Co acquired a new position in Lucid Group during the 3rd quarter worth approximately $790,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Lucid Group in the 3rd quarter valued at approximately $45,000. Rockefeller Capital Management L.P. boosted its position in Lucid Group by 43.6% in the third quarter. Rockefeller Capital Management L.P. now owns 117,764 shares of the company’s stock valued at $416,000 after buying an additional 35,766 shares in the last quarter. Finally, Townsquare Capital LLC bought a new stake in shares of Lucid Group during the third quarter worth $75,000. 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.