Lucid Group (NASDAQ:LCID) Given New $4.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Lucid Group’s price target from $7.00 to $4.00 while maintaining a “sector perform” rating, implying roughly 14% upside from the prior close.
• Lucid shares fell 7.5% to $3.50, with the stock trading well below its 50-day and 200-day moving averages. The company reported a quarterly EPS loss of $2.78, though revenue rose 56.2% year over year to $405.35 million.
• Analyst sentiment remains cautious: Lucid has an average “Reduce” rating, with one Buy, nine Hold, and three Sell recommendations, and a consensus price target of $8.89.

Lucid Group (NASDAQ:LCID - Get Free Report) had its price target dropped by research analysts at Royal Bank Of Canada from $7.00 to $4.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 14.12% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, September 21st. Citigroup dropped their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, August 19th. UBS Group restated a "hold" rating on shares of Lucid Group in a report on Tuesday, October 6th. Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a research note on Monday. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Lucid Group presently has an average rating of "Reduce" and a consensus target price of $8.89.

Lucid Group Stock Down 7.5%

Lucid Group stock traded down $0.28 during mid-day trading on Monday, hitting $3.50. 1,902,479 shares of the company were exchanged, compared to its average volume of 13,294,419. The company has a market capitalization of $1.38 billion, a PE ratio of -0.26 and a beta of 1.00. The business has a fifty day moving average of $5.01 and a 200 day moving average of $6.11. Lucid Group has a 1-year low of $2.37 and a 1-year high of $22.42.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same quarter in the prior year, the firm posted ($0.24) EPS. The firm's revenue for the quarter was up 56.2% on a year-over-year basis. Research analysts expect that Lucid Group will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in Lucid Group by 1,231.3% during the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock worth $25,000 after acquiring an additional 3,497 shares during the last quarter. Allworth Financial LP grew its holdings in Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company's stock valued at $27,000 after purchasing an additional 2,864 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after purchasing an additional 2,740 shares during the period. Nykredit A S acquired a new position in Lucid Group during the second quarter valued at approximately $47,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Lucid Group in the fourth quarter valued at approximately $77,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid's product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.

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