Royal Bank of Canada Has Lowered Expectations for Lucid Group (NASDAQ:LCID) Stock Price

Lucid Group (NASDAQ:LCID - Free Report) had its target price decreased by Royal Bank of Canada from $3.00 to $2.00 in a report released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other equities analysts also recently weighed in on LCID. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a report on Monday, November 11th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. One equities research 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 data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $3.16.

Lucid Group Price Performance

NASDAQ:LCID traded down $0.04 during mid-day trading on Tuesday, hitting $2.10. 71,472,196 shares of the company's stock traded hands, compared to its average volume of 36,912,059. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm's 50 day simple moving average is $2.94 and its 200 day simple moving average is $3.06. Lucid Group has a 1 year low of $1.93 and a 1 year high of $5.31. The company has a market cap of $6.32 billion, a PE ratio of -1.57 and a beta of 1.11.

Insider Buying and Selling

In other Lucid Group news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The stock was bought at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now 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 acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 61.26% of the company's stock.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC lifted its position 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 worth $27,000 after purchasing an additional 9,250 shares in the last quarter. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the second quarter worth approximately $27,000. Sanctuary Advisors LLC bought a new position in Lucid Group during the second quarter valued at approximately $26,000. Crumly & Associates Inc. bought a new position in Lucid Group during the third quarter valued at approximately $38,000. Finally, Latko Wealth Management Ltd. bought a new position in Lucid Group during the third quarter valued at approximately $39,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.