Lucid Group, Inc. (NASDAQ:LCID – Get Rating)’s share price was down 5.6% during trading on Monday following insider selling activity. The company traded as low as 8.19 and last traded at 8.19. Approximately 605,872 shares traded hands during trading, a decline of 97% from the average daily volume of 23,798,568 shares. The stock had previously closed at 8.68.Specifically, SVP Michael Bell sold 12,574 shares of the firm’s stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of 8.57, for a total transaction of 107,759.18. Following the sale, the senior vice president now owns 1,261,950 shares in the company, valued at approximately 10,814,911.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 62.50% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have commented on LCID shares. Morgan Stanley decreased their target price on shares of Lucid Group from $12.00 to $10.00 and set an “underweight” rating on the stock in a research note on Thursday, November 10th. Cantor Fitzgerald assumed coverage on shares of Lucid Group in a report on Tuesday, September 27th. They set an “overweight” rating and a $23.00 price objective for the company. Citigroup reaffirmed a “buy” rating and set a $28.00 price objective on shares of Lucid Group in a report on Thursday, September 15th. Needham & Company LLC initiated coverage on shares of Lucid Group in a report on Wednesday, September 14th. They issued an “underperform” rating for the company. Finally, Evercore ISI initiated coverage on shares of Lucid Group in a report on Tuesday, November 29th. They issued an “in-line” rating and a $12.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average target price of 24.71.
Lucid Group Stock Performance
The company has a market capitalization of $13.76 billion, a P/E ratio of -6.09 and a beta of 0.39. The business has a 50-day moving average of 12.07 and a 200-day moving average of 15.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 5.04 and a quick ratio of 4.21.
Institutional Trading of Lucid Group
Institutional investors have recently bought and sold shares of the stock. 1832 Asset Management L.P. bought a new stake in Lucid Group in the first quarter worth $25,000. Catalyst Capital Advisors LLC bought a new stake in shares of Lucid Group during the first quarter worth $29,000. Nisa Investment Advisors LLC bought a new stake in shares of Lucid Group during the third quarter worth $29,000. First Manhattan Co. lifted its position in shares of Lucid Group by 666.7% during the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Tradition Wealth Management LLC lifted its position in shares of Lucid Group by 1,048.1% during the first quarter. Tradition Wealth Management LLC now owns 1,194 shares of the company’s stock worth $30,000 after purchasing an additional 1,090 shares during the last quarter. 70.31% of the stock is currently owned by institutional investors.
Lucid Group Company Profile
Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.