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

Lucid Group, Inc. (NASDAQ:LCID) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $2.69.

A number of equities research analysts recently commented on LCID shares. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, April 3rd. Benchmark restated a “buy” rating and set a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Finally, Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Public Investment Fund boosted its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC grew its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after acquiring an additional 4,844,782 shares during the period. Renaissance Technologies LLC raised its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Lucid Group by 4,320.7% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.45 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business has a fifty day moving average of $2.56 and a 200 day moving average of $2.69. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of -1.83 and a beta of 0.88. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43.

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.