Lucid Group (NASDAQ:LCID) Downgraded to Underperform Rating by Bank of America

Lucid Group (NASDAQ:LCID) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $1.00 price objective on the stock, down from their previous price objective of $3.00. Bank of America‘s price target indicates a potential downside of 61.69% from the company’s current price.

Several other research firms have also recently weighed in on LCID. Redburn Atlantic cut shares of 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. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, Benchmark began coverage on Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.73.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $2.61 on Wednesday. The business has a fifty day moving average price of $2.99 and a two-hundred day moving average price of $2.97. The stock has a market capitalization of $7.86 billion, a PE ratio of -1.95 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Public Employees Retirement System of Ohio boosted its stake in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC boosted its position in Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Lucid Group by 23.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Waverly Advisors LLC acquired a new stake in Lucid Group during the 4th quarter worth about $35,000. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Lucid Group in the 4th quarter worth about $5,390,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.