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

Lucid Group (NASDAQ:LCID) had its price target decreased by stock analysts at Royal Bank of Canada from $3.00 to $2.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential downside of 5.21% from the company’s previous close.

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

Lucid Group Stock Performance

Shares of LCID stock traded down $0.03 during trading on Tuesday, hitting $2.11. The company’s stock had a trading volume of 23,289,477 shares, compared to its average volume of 36,697,738. The company has a market cap of $6.35 billion, a PE ratio of -1.57 and a beta of 1.11. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $2.97 and a 200-day moving average of $3.07. Lucid Group has a 52 week low of $1.93 and a 52 week high of $5.31.

Insider Buying and Selling at Lucid Group

In related news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new stake in Lucid Group during the second quarter valued at approximately $26,000. Accredited Investors Inc. bought a new stake in Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC boosted its position in shares of 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. bought a new position in Lucid Group in the 2nd quarter valued at $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. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.