Royal Bank of Canada Reiterates Sector Perform Rating for Lucid Group (NASDAQ:LCID)

Lucid Group (NASDAQ:LCID)‘s stock had its “sector perform” rating restated by analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $3.00 price target on the stock. Royal Bank of Canada’s price target would indicate a potential downside of 24.62% from the stock’s current price.

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

Lucid Group Stock Performance

Shares of NASDAQ LCID remained flat at $3.98 during midday trading on Thursday. The stock had a trading volume of 4,155,969 shares, compared to its average volume of 32,794,098. The stock has a 50 day moving average price of $3.49 and a 200-day moving average price of $3.01. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of -3.13 and a beta of 1.05. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. Lucid Group has a 12-month low of $2.29 and a 12-month high of $6.12.

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

Insiders Place Their Bets

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina grew its position in shares of Lucid Group by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after purchasing an additional 3,230 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its position in shares of Lucid Group by 34.9% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after acquiring an additional 3,715 shares during the last quarter. Heritage Wealth Advisors lifted its holdings in shares of Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Apollon Wealth Management LLC lifted its holdings in shares of Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after acquiring an additional 4,170 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.