Lucid Group, Inc. (NASDAQ:LCID) Receives $2.69 Consensus Price Target from Analysts

Lucid Group, Inc. (NASDAQ:LCID) has received an average recommendation of “Hold” from the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $2.69.

A number of research analysts recently weighed in on LCID shares. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating for the company. Stifel Nicolaus lowered their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Finally, Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a research note on Tuesday, March 18th.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of LCID. Public Investment Fund increased its stake in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP raised its stake in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the period. Renaissance Technologies LLC lifted its holdings in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in Lucid Group in the 4th quarter worth approximately $34,123,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

LCID opened at $2.28 on Thursday. The company’s 50-day simple moving average is $2.56 and its two-hundred day simple moving average is $2.70. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a market capitalization of $6.91 billion, a P/E ratio of -1.70 and a beta of 0.88. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43.

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.