Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $2.69

Lucid Group, Inc. (NASDAQ:LCID) has been assigned a consensus rating of “Reduce” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $2.69.

Several brokerages have recently issued reports on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Benchmark reiterated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Royal Bank of Canada reduced 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.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after buying an additional 17,230 shares during the last quarter. Alpine Global Management LLC grew its stake in shares of Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after purchasing an additional 4,653 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after purchasing an additional 504,171 shares during the period. Waverly Advisors LLC acquired a new position in shares of Lucid Group during the 4th quarter worth $35,000. Finally, Worldquant Millennium Advisors LLC acquired a new position in shares of Lucid Group during the 4th quarter worth $5,390,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Up 0.5 %

Shares of Lucid Group stock opened at $2.09 on Friday. The company has a fifty day simple moving average of $2.81 and a 200-day simple moving average of $2.89. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. 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 stock has a market cap of $6.34 billion, a price-to-earnings ratio of -1.56 and a beta of 0.97.

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.