Lucid Group (NASDAQ:LCID) Downgraded to “Sell” Rating by Redburn Atlantic

Redburn Atlantic cut shares of Lucid Group (NASDAQ:LCID) from a neutral rating to a sell rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has $1.13 price target on the stock, down from their previous price target of $3.50.

Other analysts also recently issued reports about the stock. Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.90.

Lucid Group Trading Down 9.2 %

Lucid Group stock opened at $2.78 on Monday. The company’s fifty day simple moving average is $2.99 and its 200-day simple moving average is $2.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.43. The stock has a market cap of $8.37 billion, a P/E ratio of -2.07 and a beta of 0.93.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LCID. Creative Planning increased its stake in shares of Lucid Group by 54.3% in the 3rd quarter. Creative Planning now owns 224,031 shares of the company’s stock valued at $791,000 after buying an additional 78,839 shares during the period. Signaturefd LLC lifted its stake in Lucid Group by 39.8% in the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after buying an additional 10,383 shares during the period. Greenleaf Trust boosted its stake in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after acquiring an additional 4,604 shares during the last quarter. Brighton Jones LLC bought a new position in shares of Lucid Group during the third quarter worth $56,000. Finally, Ballentine Partners LLC lifted its holdings in Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock worth $119,000 after acquiring an additional 13,554 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.