Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $3.04

Shares of Lucid Group, Inc. (NASDAQ:LCID) have earned an average recommendation of “Hold” from the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $3.04.

LCID has been the topic of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Royal Bank of Canada cut 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 report on Tuesday, November 19th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th.

Insider Buying and Selling

In related news, Director Public Investment Fund acquired 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in Lucid Group during the second quarter valued at approximately $26,000. Frank Rimerman Advisors LLC lifted its stake in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Lucid Group in the fourth quarter worth approximately $33,000. GAMMA Investing LLC grew its position in Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after buying an additional 5,031 shares during the period. Finally, Crumly & Associates Inc. bought a new position in shares of Lucid Group in the third quarter worth about $38,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $3.07 on Friday. The stock has a market capitalization of $9.25 billion, a P/E ratio of -2.29 and a beta of 0.94. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The business’s fifty day moving average price is $2.64 and its 200 day moving average price is $3.05. Lucid Group has a twelve month low of $1.93 and a twelve month high of $4.43.

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.