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

Lucid Group (NASDAQ:LCID) had its target price cut by Royal Bank Of Canada from $20.00 to $14.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 39.30% from the company’s current price.

LCID has been the topic of a number of other reports. Robert W. Baird set a $14.00 price objective on Lucid Group in a report on Tuesday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Stifel Nicolaus cut their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price target for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Down 7.3%

LCID stock opened at $10.05 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. Lucid Group has a 52 week low of $10.03 and a 52 week high of $35.90. The stock has a market capitalization of $3.26 billion, a PE ratio of -0.94 and a beta of 0.89. The firm has a 50 day moving average of $12.54 and a 200 day moving average of $18.61.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. During the same period in the prior year, the business posted ($2.76) EPS. The company’s quarterly revenue was up 68.3% on a year-over-year basis. Sell-side analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently made changes to their positions in LCID. Rockefeller Capital Management L.P. raised its position in shares of Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after acquiring an additional 34,116 shares during the period. HBK Investments L P purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $2,658,000. Highbridge Capital Management LLC acquired a new position in Lucid Group in the 2nd quarter worth about $3,245,000. Marex Group plc purchased a new position in Lucid Group during the second quarter worth approximately $7,613,000. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in Lucid Group by 33.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 475,360 shares of the company’s stock valued at $1,003,000 after purchasing an additional 118,746 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.