Lucid Group (NASDAQ:LCID) Rating Reiterated by 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 report issued on Thursday, Benzinga reports. They currently have a $3.00 target price on the stock. Royal Bank of Canada’s price objective points to a potential downside of 23.86% from the company’s previous close.

Several other analysts have also recently commented on the stock. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research report on Monday, September 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.71.

Lucid Group Stock Up 0.8 %

LCID opened at $3.94 on Thursday. Lucid Group has a 52 week low of $2.29 and a 52 week high of $6.12. The business has a 50 day moving average price of $3.53 and a two-hundred day moving average price of $3.02. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The company has a market cap of $9.09 billion, a PE ratio of -3.10 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter last year, the company earned ($0.40) EPS. Lucid Group’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, research analysts anticipate that Lucid Group will post -1.22 EPS for the current year.

Insider Buying and Selling at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. Sanctuary Advisors LLC purchased a new position in Lucid Group during the second quarter worth $26,000. Accredited Investors Inc. purchased a new stake in Lucid Group during the 2nd quarter worth about $27,000. Frank Rimerman Advisors LLC increased its position 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. Meeder Advisory Services Inc. acquired a new position in Lucid Group in the 1st quarter valued at about $29,000. Finally, Norden Group LLC purchased a new position in Lucid Group in the 1st quarter valued at about $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.