Lucid Group (NASDAQ:LCID) Shares Down 0.5% Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 0.5% 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 traded 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.

A number of other brokerages also recently weighed in on LCID. Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. One 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.16.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LCID. Frank Rimerman Advisors LLC lifted its holdings in Lucid Group by 925.0% during the 2nd 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. bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $27,000. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $26,000. Crumly & Associates Inc. bought a new stake in shares of Lucid Group during the third quarter valued at approximately $38,000. Finally, Latko Wealth Management Ltd. bought a new stake in shares of Lucid Group during the third quarter valued at approximately $39,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 1.9 %

The company has a 50-day moving average of $2.94 and a two-hundred day moving average of $3.06. The company has a market capitalization 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.

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.