Lucid Group (NASDAQ:LCID) Given New $3.00 Price Target at Stifel Nicolaus

Lucid Group (NASDAQ:LCID) had its price objective trimmed by Stifel Nicolaus from $3.50 to $3.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a hold rating on the stock.

LCID has been the topic of a number of other research reports. Royal Bank of Canada cut their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday. Benchmark began coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus target price of $2.73.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $2.23 on Thursday. The stock has a market cap of $6.72 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a 50 day moving average price of $2.97 and a 200-day moving average price of $2.96. Lucid Group has a one year low of $1.93 and a one year high of $4.43.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning boosted its position in Lucid Group by 54.3% during the third quarter. Creative Planning now owns 224,031 shares of the company’s stock valued at $791,000 after purchasing an additional 78,839 shares in the last quarter. Ballentine Partners LLC boosted its holdings in shares of Lucid Group by 67.3% in the 3rd quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after buying an additional 13,554 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Lucid Group in the 3rd quarter worth approximately $192,000. Latko Wealth Management Ltd. bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $39,000. Finally, Crumly & Associates Inc. purchased a new stake in Lucid Group during the third quarter valued at approximately $38,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.