Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% on Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 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. Approximately 22,710,588 shares traded hands during trading, a decline of 38% from the average daily volume of 36,840,406 shares. The stock had previously closed at $2.10.

A number of other brokerages have also issued reports on LCID. Cantor Fitzgerald restated a "neutral" rating and issued a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. R. F. Lafferty upgraded 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. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cfra set a $2.00 target price on shares of Lucid Group in a research note on Thursday, October 17th. 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $3.16.

Insider Activity

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 61.26% of the company's stock.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently bought and sold shares of the stock. Frank Rimerman Advisors LLC boosted 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 acquiring an additional 9,250 shares in the last quarter. Accredited Investors Inc. bought a new position in Lucid Group during the 2nd quarter valued at $27,000. Sanctuary Advisors LLC bought a new position in Lucid Group during the 2nd quarter valued at $26,000. Crumly & Associates Inc. bought a new stake in shares of Lucid Group in the 3rd quarter worth $38,000. Finally, Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group in the third quarter valued at $39,000. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Price Performance

The company has a 50 day moving average of $2.90 and a two-hundred day moving average of $3.06. The firm has a market cap of $6.11 billion, a P/E ratio of -1.51 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.