Lucid Group’s (LCID) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Lucid Group (NASDAQ:LCID)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $6.00 price target on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 9.69% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Citigroup dropped their price target on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 9th. Bank of America started coverage on shares of Lucid Group in a research report on Monday, July 17th. They set a “neutral” rating and a $8.00 price target on the stock. Robert W. Baird started coverage on shares of Lucid Group in a research note on Tuesday, September 5th. They issued a “neutral” rating and a $7.00 price objective for the company. Needham & Company LLC cut their target price on Lucid Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. Finally, BNP Paribas lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $6.50 to $5.00 in a report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.15.

Lucid Group Stock Down 3.0 %

LCID stock traded down $0.17 during trading on Tuesday, reaching $5.47. 7,384,288 shares of the stock were exchanged, compared to its average volume of 32,859,836. The company has a current ratio of 7.07, a quick ratio of 6.11 and a debt-to-equity ratio of 0.35. Lucid Group has a twelve month low of $5.44 and a twelve month high of $17.81. The firm’s 50 day moving average is $6.57 and its 200 day moving average is $7.08. The firm has a market cap of $12.49 billion, a P/E ratio of -3.63 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). Lucid Group had a negative net margin of 337.97% and a negative return on equity of 64.02%. The business had revenue of $150.90 million during the quarter, compared to analyst estimates of $181.58 million. During the same period in the previous year, the business posted ($0.33) EPS. The business’s revenue for the quarter was up 55.1% compared to the same quarter last year. As a group, research analysts forecast that Lucid Group will post -1.51 EPS for the current year.

Insider Transactions at Lucid Group

In related news, SVP Michael Bell sold 46,735 shares of Lucid Group stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $6.01, for a total transaction of $280,877.35. Following the completion of the sale, the senior vice president now owns 1,437,293 shares of the company’s stock, valued at $8,638,130.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Lucid Group news, SVP Michael Bell sold 46,735 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $6.01, for a total value of $280,877.35. Following the sale, the senior vice president now owns 1,437,293 shares of the company’s stock, valued at approximately $8,638,130.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Public Investment Fund acquired 265,693,703 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were acquired at an average cost of $6.83 per share, with a total value of $1,814,687,991.49. Following the acquisition, the director now directly owns 1,366,658,905 shares of the company’s stock, valued at approximately $9,334,280,321.15. The disclosure for this purchase can be found here. Insiders own 62.50% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its holdings in shares of Lucid Group by 67.6% in the 1st quarter. US Bancorp DE now owns 14,017 shares of the company’s stock worth $356,000 after purchasing an additional 5,654 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Lucid Group by 16.3% during the first quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock valued at $482,000 after acquiring an additional 2,661 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Lucid Group during the first quarter worth approximately $383,000. BlackRock Inc. lifted its holdings in shares of Lucid Group by 23.7% in the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock worth $396,842,000 after acquiring an additional 2,990,659 shares during the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in shares of Lucid Group in the 1st quarter valued at $400,000.

Lucid Group Company Profile

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.