Lucid Group (NASDAQ:LCID) Stock Price Down 1.6% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 1.6% on Wednesday . The company traded as low as $2.12 and last traded at $2.14. Approximately 51,932,460 shares were traded during trading, a decline of 29% from the average daily volume of 73,558,536 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on LCID shares. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada reduced their price target on 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. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.16.

Lucid Group Stock Performance

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $3.04.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the 2nd quarter worth about $26,000. Accredited Investors Inc. bought a new position in Lucid Group during the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC grew 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 acquiring an additional 9,250 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the second quarter worth approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after acquiring an additional 3,549 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.