Lucid Group (NASDAQ:LCID) Shares Down 1.4% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID) experienced a decline of 1.4% in its share price during trading on Tuesday. The stock hit a low of $2.06 before closing at $2.10. In total, 16,363,986 shares traded hands during the day, which represented a sharp decrease of 56% compared to the average trading volume of 37,549,613 shares. Previously, the stock closed at $2.13.

Wall Street Analysts Forecast Growth

Several research firms have recently provided their insights on Lucid Group's stock. Robert W. Baird reaffirmed a "neutral" rating and set a price target of $3.00 for the shares in a report issued on October 7. Meanwhile, Cantor Fitzgerald also restated their "neutral" rating but adjusted their price target to $4.00 in a report released on October 8. Royal Bank of Canada decreased its price target for the company from $3.00 to $2.00, maintaining a "sector perform" rating in a note dated November 19. Needham & Company LLC reissued their "hold" rating for Lucid Group on November 8. Lastly, Cfra set a price objective of $2.00 on October 17. Presently, one analyst has issued a sell rating for the stock, while seven analysts recommend holding it, and one analyst suggests buying it. According to MarketBeat.com, Lucid Group has an average rating of "Hold" and an average target price of $3.16.

Lucid Group Financial Overview

The company exhibits strong financial health, reflected by a quick ratio of 3.26 and a current ratio of 3.71, with a debt-to-equity ratio of 0.77. Currently, Lucid Group has a market capitalization of $6.45 billion, a price-to-earnings ratio of -1.57, and a beta of 1.09. The stock's fifty-day moving average stands at $2.68, while its 200-day moving average is $3.02.

Insider Activity

In recent insider transactions, the Director of Public Investment Fund acquired 374,717,927 shares of Lucid Group's stock on October 30, purchasing them at an average price of $2.59 per share. This acquisition amounted to a total investment of approximately $970.52 million. Following this purchase, the director now holds around 8,041,393 shares, valued at about $20.83 million, representing an increase of 102.19% in ownership. This transaction was filed with the Securities and Exchange Commission and is available for public viewing. Notably, corporate insiders collectively own 61.26% of Lucid Group's stock.

Hedge Fund Movement

Recent movements among institutional investors indicate a growing interest in Lucid Group. For instance, Charles Schwab Investment Management Inc. boosted its stake in the company by 84.6% during the third quarter; it now holds 5,096,667 shares valued at roughly $17.99 million, after acquiring an additional 2,335,452 shares. Similarly, Bank of New York Mellon Corp raised its position by 27.7% in the second quarter, now owning 2,681,982 shares worth around $7 million following the purchase of an extra 581,082 shares. Additionally, Point72 Italy S.r.l. has taken a new position in Lucid worth about $3.21 million during the third quarter. Rhumbline Advisers also raised their holdings by 6.8% in the second quarter, possessing 741,822 shares valued at $1.94 million. Lastly, Janus Henderson Group PLC significantly increased its investment by 946.6% in the first quarter, now owning 524,662 shares valued at $1.49 million. Institutional investors collectively hold 75.17% of Lucid Group's stock.

About Lucid Group

Lucid Group, Inc. is an innovative technology company dedicated to the design, engineering, manufacturing, and sale of electric vehicles (EVs), EV powertrains, and battery systems. The company also develops proprietary software tailored specifically for its vehicles. Lucid sells its products directly to customers through a retail sales network and online, offering seamless consumer experiences including through Lucid Financial Services.

Lucid, LCID, Stocks