Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Rating of “Reduce” by Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned an average recommendation of “Reduce” from the twelve analysts that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $18.9222.

LCID has been the subject of several research analyst reports. Royal Bank Of Canada lowered their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a report on Thursday. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. increased its stake in shares of Lucid Group by 11.1% during the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after acquiring an additional 34,116 shares during the period. HBK Investments L P purchased a new stake in Lucid Group in the 2nd quarter valued at approximately $2,658,000. Highbridge Capital Management LLC purchased a new stake in Lucid Group in the 2nd quarter valued at approximately $3,245,000. Y Intercept Hong Kong Ltd acquired a new position in Lucid Group during the 3rd quarter worth approximately $2,248,000. Finally, Marex Group plc purchased a new position in shares of Lucid Group during the 2nd quarter worth approximately $7,613,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $9.55 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. Lucid Group has a 52 week low of $9.50 and a 52 week high of $33.70. The firm’s 50 day moving average is $10.86 and its two-hundred day moving average is $16.01. The firm has a market capitalization of $3.10 billion, a P/E ratio of -0.89 and a beta of 1.16.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.