Lucid Group (NASDAQ:LCID) Stock Rating Lowered by Bank of America

Bank of America lowered shares of Lucid Group (NASDAQ:LCID) from a neutral rating to an underperform rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $1.00 price objective on the stock, down from their previous price objective of $3.00.

Several other research analysts also recently commented on LCID. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Royal Bank of Canada lowered their target price on 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. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 0.4 %

LCID stock opened at $2.22 on Wednesday. The company has a market cap of $6.69 billion, a PE ratio of -1.66 and a beta of 0.93. The business has a 50-day simple moving average of $2.96 and a 200 day simple moving average of $2.96. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. bought a new stake in Lucid Group in the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new stake in Lucid Group in the fourth quarter valued at approximately $31,000. DRW Securities LLC bought a new stake in Lucid Group in the fourth quarter valued at approximately $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.