Lucid Group (NASDAQ:LCID) Given New $2.00 Price Target at Royal Bank of Canada

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

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

Lucid Group Trading Down 1.9 %

Shares of LCID stock opened at $2.10 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of -1.57 and a beta of 1.11. Lucid Group has a 52-week low of $1.93 and a 52-week high of $5.31. The company has a 50-day simple moving average of $2.94 and a two-hundred day simple moving average of $3.06.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now 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 Securities & Exchange Commission, which is accessible through this link. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

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