Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% Following Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 2.4% during mid-day trading on Wednesday 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 $2.00 and last traded at $2.05. 22,710,588 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 36,840,406 shares. The stock had previously closed at $2.10.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC purchased a new position in Lucid Group during the 2nd quarter worth $26,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the 2nd quarter valued at approximately $27,000. Frank Rimerman Advisors LLC increased its position in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. QRG Capital Management Inc. purchased a new position in shares of Lucid Group during the 2nd quarter worth approximately $34,000. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Stock Up 1.7 %

The firm has a fifty day moving average price of $2.87 and a 200 day moving average price of $3.05. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of -1.54 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

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.