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

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 2.4% 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 mid-day trading, a decline of 38% from the average session volume of 36,840,406 shares. The stock had previously closed at $2.10.

A number of other analysts also recently commented on the stock. Cantor Fitzgerald reissued 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 restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. R. F. Lafferty raised 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. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average target price of $3.16.

Insiders Place Their Bets

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently bought and sold shares of the business. Pine Valley Investments Ltd Liability Co raised its holdings in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares during the period. Principal Financial Group Inc. increased its stake in Lucid Group by 6.0% during the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after buying an additional 3,715 shares during the period. Greenleaf Trust boosted its position in Lucid Group by 22.0% in the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after buying an additional 4,604 shares during the last quarter. Amalgamated Bank grew its stake in shares of Lucid Group by 12.5% during the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares in the last quarter. Finally, Xponance Inc. increased its position in shares of Lucid Group by 20.8% during the second quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after acquiring an additional 5,493 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Stock Performance

The firm has a market cap of $6.11 billion, a price-to-earnings 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. The company has a 50 day moving average of $2.90 and a 200 day moving average of $3.06.

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.