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

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

Several other research analysts also recently commented on the company. Stifel Nicolaus reduced their price objective on 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 downgraded Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Trading Down 7.3%

LCID stock traded down $0.79 during 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. Lucid Group has a 52-week low of $10.03 and a 52-week high of $35.90. The company has a 50 day simple moving average of $12.70 and a 200-day simple moving average of $18.69. The firm has a market capitalization of $3.26 billion, a P/E ratio of -0.94 and a beta of 0.89. 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 (NASDAQ:LCID) last issued its earnings results on Wednesday, November 5th. The company reported ($2.65) 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 the consensus estimate of $378.44 million. During the same quarter in the prior year, the company earned ($2.76) earnings per share. Lucid Group’s revenue was up 68.3% on a year-over-year basis. As a group, research analysts forecast that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LCID. Cigna Investments Inc. New acquired a new stake in shares of Lucid Group in the second quarter worth $25,000. Valeo Financial Advisors LLC lifted its position in Lucid Group by 9.7% during 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 purchased a new stake in Lucid Group in the second quarter valued at $26,000. Concurrent Investment Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth about $29,000. Finally, Kingsview Wealth Management LLC acquired a new stake in Lucid Group during the 2nd quarter worth about $30,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.