Lucid Group (NASDAQ:LCID) Shares Down 1.3% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 1.3% on Thursday . The company traded as low as $2.63 and last traded at $2.64. Approximately 14,987,399 shares traded hands during trading, a decline of 82% from the average daily volume of 82,325,180 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Up 2.6 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business’s fifty day moving average price is $2.69 and its two-hundred day moving average price is $3.05. The stock has a market capitalization of $8.40 billion, a PE ratio of -2.08 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $200.04 million for the quarter, compared to analysts’ expectations of $199.50 million. During the same quarter in the previous year, the firm posted ($0.28) EPS. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction 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 purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the 3rd quarter worth approximately $863,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the last quarter. CWM LLC lifted its position in shares of Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after acquiring an additional 6,771 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Lucid Group by 2.5% in the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

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.