Lucid Group, Inc. (NASDAQ:LCID) Receives Consensus Rating of “Reduce” from Analysts

Lucid Group, Inc. (NASDAQ:LCID) has been assigned a consensus recommendation of “Reduce” from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $2.69.

A number of equities research analysts recently weighed in on LCID shares. Stifel Nicolaus decreased their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada decreased their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. Finally, Benchmark restated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the 3rd quarter valued at $863,000. Charles Schwab Investment Management Inc. increased its stake in shares of Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Lucid Group during the fourth quarter valued at $301,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.15 on Friday. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of -1.60 and a beta of 0.97. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $2.85 and its 200 day moving average is $2.92.

About Lucid Group

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.