Redburn Atlantic Downgrades Lucid Group (NASDAQ:LCID) to Sell

Lucid Group (NASDAQ:LCID) was downgraded by equities research analysts at Redburn Atlantic from a “neutral” rating to a “sell” rating in a report released on Monday, Marketbeat.com reports. They presently have a $1.13 target price on the stock, down from their prior target price of $3.50. Redburn Atlantic’s price objective points to a potential downside of 56.70% from the company’s previous close.

LCID has been the topic of several other research reports. Benchmark initiated coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus target price of $2.90.

Lucid Group Stock Down 6.1 %

LCID stock opened at $2.61 on Monday. The stock has a market capitalization of $7.86 billion, a PE ratio of -1.95 and a beta of 0.93. The company has a fifty day moving average of $2.99 and a 200-day moving average of $2.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group has a one year low of $1.93 and a one year high of $4.43.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co grew its stake in Lucid Group by 27.8% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after acquiring an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in Lucid Group by 43.8% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after purchasing an additional 4,296 shares during the last quarter. Sei Investments Co. lifted its position in Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after buying an additional 4,431 shares during the period. Voya Investment Management LLC boosted its stake in Lucid Group by 4.0% in the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after buying an additional 4,591 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in Lucid Group by 22.0% in the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after buying an additional 4,604 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.