Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $13.14

Lucid Group, Inc. (NASDAQ:LCID) has been given a consensus recommendation of “Reduce” by the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $13.1429.

A number of equities analysts have weighed in on the company. Citigroup initiated coverage on Lucid Group in a research report on Wednesday, March 18th. They set a “buy” rating and a $17.00 price target on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 price objective on shares of Lucid Group in a research report on Wednesday, February 25th. Benchmark reissued a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and dropped their price target for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Finally, Bank of America started coverage on Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target for the company.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL acquired a new position in Lucid Group in the 3rd quarter valued at about $1,361,978,000. Geode Capital Management LLC raised its holdings in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after acquiring an additional 1,554,419 shares during the period. Uber Technologies Inc acquired a new stake in Lucid Group during the third quarter worth approximately $326,283,000. Marshall Wace LLP lifted its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Up 3.1%

Lucid Group stock opened at $10.68 on Thursday. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The company’s 50-day moving average is $10.31 and its 200-day moving average is $14.23. The firm has a market capitalization of $3.50 billion, a PE ratio of -0.88 and a beta of 1.12. Lucid Group has a fifty-two week low of $9.12 and a fifty-two week high of $33.70.

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.