Lucid Group (NASDAQ:LCID) Trading Down 0.5% Following Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 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 changed 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.

Several other brokerages have also recently weighed in on LCID. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research 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 for the company in a research report on Monday, November 11th. Robert W. Baird restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, Cantor Fitzgerald restated 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 assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.16.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’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 purchase, the director now directly 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the business. CWM LLC lifted its stake in shares of Lucid Group by 24.6% in the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock valued at $121,000 after purchasing an additional 6,771 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 0.6% in 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 during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after buying an additional 23,752 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of Lucid Group by 131.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares during the period. Finally, Signaturefd LLC increased its holdings in Lucid Group by 39.8% during the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after purchasing an additional 10,383 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Trading Down 3.3 %

The company has a fifty day simple moving average of $2.90 and a two-hundred day simple moving average of $3.06. 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 company has a market cap of $6.11 billion, a PE ratio of -1.51 and a beta of 1.11.

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.