Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $3.04

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus rating of “Hold” from the ten research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $3.24.

Several research analysts have recently issued reports on LCID shares. Benchmark started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. Public Investment Fund lifted its position in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its position in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Renaissance Technologies LLC lifted its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Geode Capital Management LLC lifted its position in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after buying an additional 4,844,782 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Lucid Group by 51.7% in the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company’s stock worth $30,988,000 after buying an additional 3,495,392 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Up 1.5 %

Lucid Group stock opened at $3.31 on Wednesday. The firm has a 50 day simple moving average of $2.91 and a 200-day simple moving average of $2.97. 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 market capitalization of $9.97 billion, a PE ratio of -2.47 and a beta of 0.93. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43.

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.