Lucid Group (NASDAQ:LCID) Trading Down 2.4% Following Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 2.4% during mid-day trading on Wednesday 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 $2.00 and last traded at $2.05. 22,710,588 shares changed hands during trading, a decline of 38% from the average session volume of 36,840,406 shares. The stock had previously closed at $2.10.

Several other equities research analysts have also commented on the stock. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Needham & Company LLC reaffirmed 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research note on Tuesday, October 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.16.

Insider Activity

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. The trade was a -102.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several large investors have recently bought and sold shares of LCID. CWM LLC boosted its stake in shares of Lucid Group by 24.6% in the third 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 period. Vanguard Group Inc. boosted its position in 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 last quarter. Price T Rowe Associates Inc. MD boosted its position in 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 last quarter. Canada Pension Plan Investment Board increased its position in shares of Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock worth $1,097,000 after acquiring an additional 238,628 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Lucid Group by 39.8% in the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock worth $129,000 after acquiring an additional 10,383 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Price Performance

The business has a fifty day moving average of $2.87 and a 200 day moving average of $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a market cap of $6.22 billion, a PE ratio of -1.54 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.