Lucid Group (NASDAQ:LCID) Price Target Lowered to $8.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on Lucid to $8.00 from $10.00 and kept a "sector perform" rating, implying about a 6.81% downside from the current price.
• Analyst consensus per MarketBeat is mixed—2 Buy, 5 Hold and 3 Sell—giving Lucid an overall rating of "Reduce" with an average target price of $12.86.
• LCID opened at $8.59 (near its one‑year low of $8.56 and far below its $33.70 high), and roughly 75% of the stock is held by institutions, with recent large stakes from Tudor, Uber, Vanguard and Goldman Sachs.

Lucid Group (NASDAQ:LCID - Get Free Report) had its price target reduced by investment analysts at Royal Bank Of Canada from $10.00 to $8.00 in a report released on Monday,MarketScreener reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential downside of 6.81% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Benchmark reaffirmed a "buy" rating on shares of Lucid Group in a research report on Thursday, February 19th. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 5th. Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. Cantor Fitzgerald decreased their price objective on shares of Lucid Group from $21.00 to $14.00 and set a "neutral" rating for the company in a research report on Wednesday, February 25th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Lucid Group has a consensus rating of "Reduce" and an average target price of $12.86.

Lucid Group Price Performance

Shares of LCID stock opened at $8.59 on Monday. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. Lucid Group has a one year low of $8.56 and a one year high of $33.70. The company's 50-day simple moving average is $9.96 and its two-hundred day simple moving average is $13.25. The company has a market capitalization of $2.81 billion, a P/E ratio of -0.71 and a beta of 1.16.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently made changes to their positions in LCID. Tudor Investment Corp ET AL acquired a new stake in Lucid Group during the third quarter valued at $1,361,978,000. Uber Technologies Inc purchased a new position in shares of Lucid Group in the 3rd quarter valued at about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the period. Vanguard Group Inc. raised its holdings in Lucid Group by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock worth $127,488,000 after purchasing an additional 701,826 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock worth $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. 75.17% of the stock is 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.

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