Royal Bank of Canada Has Lowered Expectations for Lucid Group (NASDAQ:LCID) Stock Price

Lucid Group (NASDAQ:LCID) had its target price dropped by equities researchers at Royal Bank of Canada from $3.00 to $2.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 1.48% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a research note on Thursday, October 17th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.16.

Lucid Group Price Performance

LCID opened at $2.03 on Tuesday. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of -1.51 and a beta of 1.11. 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 50-day moving average price of $2.90 and a 200-day moving average price of $3.06. Lucid Group has a twelve month low of $1.93 and a twelve month high of $5.31.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 8,041,393 shares in the company, 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 available through this link. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. CWM LLC lifted its holdings in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after acquiring an additional 23,752 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after acquiring an additional 238,628 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lucid Group by 42.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after acquiring an additional 732,463 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.