Lucid Group (NASDAQ:LCID) Now Covered by Citigroup

Analysts at Citigroup began coverage on shares of Lucid Group (NASDAQ:LCID) in a report released on Wednesday. The firm set a “buy” rating and a $17.00 price target on the stock. Citigroup’s target price suggests a potential upside of 64.73% from the company’s previous close.

LCID has been the subject of several other research reports. Cantor Fitzgerald cut their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Benchmark reissued a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $13.14.

Lucid Group Trading Up 4.3%

Shares of LCID stock opened at $10.32 on Wednesday. Lucid Group has a 1-year low of $9.12 and a 1-year high of $33.70. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -0.85 and a beta of 1.12. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The stock has a 50 day simple moving average of $10.41 and a 200-day simple moving average of $14.61.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Valeo Financial Advisors LLC increased its position in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the last quarter. Jain Global LLC lifted its holdings in shares of Lucid Group by 13.3% in the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after acquiring an additional 1,200 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Lucid Group by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in Lucid Group by 11.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in Lucid Group by 9.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.