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

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 0.5% during trading 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. Approximately 18,736,533 shares changed hands during mid-day trading, a decline of 49% from the average daily 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. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. 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. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.16.

Insider Activity at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The stock was bought 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 $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the 2nd quarter worth about $26,000. Accredited Investors Inc. purchased a new stake in Lucid Group during the 2nd quarter valued at approximately $27,000. Frank Rimerman Advisors LLC grew its holdings in shares of Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Lucid Group in the 2nd quarter worth about $34,000. Finally, Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Lucid Group by 34.9% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the period. 75.17% of the stock is owned by institutional investors.

Lucid Group Stock Down 1.9 %

The business’s 50 day moving average is $2.97 and its 200 day moving average is $3.07. The company has a market cap of $6.32 billion, a P/E ratio of -1.57 and a beta of 1.11. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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.