Lucid Group, Inc. (NASDAQ:LCID) Receives Consensus Rating of “Hold” from Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned an average rating of “Hold” from the thirteen research firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $2.69.

A number of brokerages recently commented on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Cowen began coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price target for the company. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th.

Lucid Group Trading Down 5.1 %

NASDAQ LCID opened at $2.40 on Thursday. The stock has a market cap of $7.28 billion, a P/E ratio of -1.79 and a beta of 0.97. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock has a 50 day simple moving average of $2.58 and a two-hundred day simple moving average of $2.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group in the fourth quarter worth $28,000. Accredited Investors Inc. bought a new position in Lucid Group in the 4th quarter worth about $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group in the 4th quarter worth about $31,000. DRW Securities LLC purchased a new stake in Lucid Group during the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors 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.