Lucid Group, Inc. (NASDAQ:LCID) Receives Consensus Rating of "Hold" from Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have earned an average recommendation of "Hold" from the ten ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $3.24.

A number of research firms have weighed in on LCID. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Royal Bank of Canada reduced their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Benchmark began coverage on Lucid Group in a research note on Wednesday. They issued a "buy" rating and a $5.00 target price for the company.

Lucid Group Stock Performance

Shares of LCID stock traded up $0.05 during trading on Wednesday, reaching $3.31. 80,207,315 shares of the company's stock traded hands, compared to its average volume of 70,537,840. The company has a market capitalization of $9.97 billion, a P/E ratio of -2.47 and a beta of 0.93. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm's 50-day moving average is $2.91 and its 200 day moving average is $2.97.

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Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. The Manufacturers Life Insurance Company grew its holdings in shares of Lucid Group by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 257,027 shares of the company's stock valued at $671,000 after buying an additional 7,536 shares during the last quarter. Truist Financial Corp grew its stake in shares of Lucid Group by 40.2% in the second quarter. Truist Financial Corp now owns 37,760 shares of the company's stock worth $99,000 after acquiring an additional 10,828 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the second quarter worth approximately $26,000. SG Americas Securities LLC bought a new position in Lucid Group during the third quarter valued at approximately $537,000. Finally, CWM LLC boosted its holdings in Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company's stock worth $121,000 after purchasing an additional 6,771 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

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.