Lucid Group (NASDAQ:LCID) Receives “Hold” Rating from Needham & Company LLC

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports.

Several other equities research analysts also recently weighed in on LCID. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday. Royal Bank of Canada cut their price objective on 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. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $3.50 to $1.13 in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average price target of $2.73.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $2.23 on Wednesday. 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 stock has a fifty day moving average price of $2.97 and a 200 day moving average price of $2.96. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43. The company has a market cap of $6.72 billion, a PE ratio of -1.66 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently modified their holdings of the stock. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the 3rd quarter valued at about $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the 3rd quarter worth approximately $863,000. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Lucid Group during the 4th quarter worth approximately $301,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.