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

Lucid Group, Inc. (NASDAQ:LCID) shares fell 0.5% 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.

LCID has been the subject of a number of other reports. 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 report on Monday, November 11th. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. One 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.16.

Insider Activity

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $3,209,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after buying an additional 489,187 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Performance

The stock has a market capitalization of $6.32 billion, a P/E ratio of -1.57 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. The business has a 50-day moving average price of $2.97 and a 200 day moving average price of $3.07.

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.