Lucid Group (NASDAQ:LCID) Receives “Sector Perform” Rating from Royal Bank of Canada

Lucid Group (NASDAQ:LCID)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $3.00 target price on the stock. Royal Bank of Canada’s price target suggests a potential downside of 23.86% from the stock’s current price.

A number of other equities analysts also recently weighed in on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday. Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, July 8th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Performance

Lucid Group stock opened at $3.94 on Thursday. The stock has a fifty day moving average price of $3.53 and a 200 day moving average price of $3.02. Lucid Group has a 52 week low of $2.29 and a 52 week high of $6.12. The firm has a market capitalization of $9.09 billion, a P/E ratio of -3.10 and a beta of 1.05. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company’s revenue was up 32.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.40) EPS. Equities research analysts anticipate that Lucid Group will post -1.22 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 61.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 0.6% in the first 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 in the last quarter. Norges Bank purchased a new stake in Lucid Group during the 4th quarter worth approximately $22,208,000. Charles Schwab Investment Management Inc. raised its position in shares of Lucid Group by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 buying an additional 581,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after buying an additional 732,463 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.