Royal Bank of Canada Cuts Lucid Group (NASDAQ:LCID) Price Target to $2.00

Lucid Group (NASDAQ:LCID) had its price target decreased by Royal Bank of Canada from $3.00 to $2.00 in a report published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Other analysts also recently issued research reports about the company. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. 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 data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average target price of $3.16.

Lucid Group Stock Performance

Shares of LCID opened at $2.07 on Tuesday. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group has a 12 month low of $1.93 and a 12 month high of $5.31. The firm has a fifty day simple moving average of $2.87 and a 200 day simple moving average of $3.05. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of -1.54 and a beta of 1.11.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 61.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LCID. Coldstream Capital Management Inc. acquired a new stake in shares of Lucid Group during the 3rd quarter worth $53,000. M&T Bank Corp grew its stake in Lucid Group by 46.0% during the third quarter. M&T Bank Corp now owns 222,335 shares of the company’s stock worth $785,000 after buying an additional 70,079 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Lucid Group in the 3rd quarter valued at about $121,000. Main Management ETF Advisors LLC bought a new stake in shares of Lucid Group during the 3rd quarter worth approximately $863,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $84,000. 75.17% of the stock is owned by institutional investors.

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.