Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus rating of “Reduce” from the nine brokerages that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $19.7143.

Several research analysts have commented on the stock. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research report on Tuesday, January 6th. Benchmark reissued a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Cantor Fitzgerald lowered their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus dropped their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th.

Institutional Trading of Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its holdings in Lucid Group by 11.1% in the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after purchasing an additional 34,116 shares during the period. HBK Investments L P acquired a new position in Lucid Group during the 2nd quarter worth about $2,658,000. Highbridge Capital Management LLC bought a new stake in shares of Lucid Group in the 2nd quarter valued at about $3,245,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Lucid Group in the third quarter valued at about $2,248,000. Finally, Marex Group plc bought a new position in shares of Lucid Group during the second quarter worth about $7,613,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Price Performance

LCID stock opened at $10.00 on Friday. The company’s 50-day moving average price is $10.71 and its two-hundred day moving average price is $15.57. The firm has a market cap of $3.24 billion, a P/E ratio of -0.82 and a beta of 1.16. The company has a quick ratio of 1.34, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. Lucid Group has a 12 month low of $9.12 and a 12 month high of $33.70.

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.