Lucid Group (NASDAQ:LCID) Price Target Lowered to $14.00 at Royal Bank Of Canada

Lucid Group (NASDAQ:LCID) had its price objective cut by equities researchers at Royal Bank Of Canada from $20.00 to $14.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 39.30% from the company’s previous close.

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

Lucid Group Stock Performance

Lucid Group stock traded down $0.79 during mid-day trading on Wednesday, hitting $10.05. The company had a trading volume of 12,649,043 shares, compared to its average volume of 6,988,717. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of -0.94 and a beta of 0.89. Lucid Group has a 12-month low of $10.03 and a 12-month high of $35.90. The company’s fifty day moving average is $12.70 and its 200-day moving average is $18.69. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.

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

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New acquired a new stake in shares of Lucid Group in the 2nd quarter worth $25,000. Valeo Financial Advisors LLC grew its holdings in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Tyche Wealth Partners LLC acquired a new stake in Lucid Group during the second quarter worth about $26,000. Concurrent Investment Advisors LLC purchased a new position in Lucid Group during the second quarter worth about $29,000. Finally, Kingsview Wealth Management LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $30,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.