Lucid Group (NASDAQ:LCID) Price Target Cut to $2.00 by Analysts at Royal Bank of Canada

Lucid Group (NASDAQ:LCID) had its target price cut by Royal Bank of Canada from $3.00 to $2.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Needham & Company LLC reiterated 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 target on the stock in a report on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.16.

Lucid Group Trading Up 1.7 %

Shares of Lucid Group stock opened at $2.07 on Tuesday. The firm has a market capitalization of $6.22 billion, a PE ratio of -1.54 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 firm’s 50 day moving average is $2.87 and its 200 day moving average is $3.05. Lucid Group has a 1 year low of $1.93 and a 1 year high of $5.31.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price 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 approximately $20,827,207.87. This trade represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 61.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Accredited Investors Inc. bought a new position in shares of Lucid Group during the 2nd quarter worth about $27,000. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter valued at about $26,000. Crumly & Associates Inc. bought a new stake in Lucid Group in the 3rd quarter valued at about $38,000. Finally, Latko Wealth Management Ltd. acquired a new position in Lucid Group during the 3rd quarter worth approximately $39,000. 75.17% of the stock is currently owned by institutional investors.

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.