Lucid Group (NASDAQ:LCID) Shares Down 0.5% After Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 0.5% during mid-day trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $3.00 to $2.00. Royal Bank of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $2.06 and last traded at $2.13. 18,736,533 shares traded hands during trading, a decline of 49% from the average session volume of 36,677,414 shares. The stock had previously closed at $2.14.

A number of other research firms also recently weighed in on LCID. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.16.

Insider Buying and Selling

In related news, Director Public Investment Fund purchased 374,717,927 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Frank Rimerman Advisors LLC increased its stake in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares in the last quarter. Accredited Investors Inc. purchased a new stake in Lucid Group during the 2nd quarter worth approximately $27,000. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the second quarter valued at approximately $26,000. Crumly & Associates Inc. purchased a new stake in shares of Lucid Group in the third quarter valued at approximately $38,000. Finally, Latko Wealth Management Ltd. purchased a new stake in shares of Lucid Group in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Down 1.9 %

The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of -1.57 and a beta of 1.11. The business has a fifty day moving average of $2.94 and a 200 day moving average of $3.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group Company Profile

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.