Lucid Group (NASDAQ:LCID) Coverage Initiated at TD Cowen

TD Cowen assumed coverage on shares of Lucid Group (NASDAQ:LCID - Free Report) in a report released on Friday, MarketBeat Ratings reports. The firm issued a hold rating and a $2.30 price objective on the stock.

A number of other equities analysts also recently weighed in on the stock. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Benchmark assumed coverage on Lucid Group in a research report on Wednesday, February 12th. They set a "buy" rating and a $5.00 price objective for the company. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $2.69.

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Lucid Group Stock Up 0.5 %

Shares of NASDAQ:LCID traded up $0.01 during midday trading on Friday, reaching $2.09. The company's stock had a trading volume of 115,298,254 shares, compared to its average volume of 90,049,648. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $2.83 and a 200-day moving average of $2.90. The firm has a market capitalization of $6.34 billion, a P/E ratio of -1.56 and a beta of 0.97. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Crumly & Associates Inc. purchased a new stake in Lucid Group during the 3rd quarter valued at $38,000. Axim Planning & Wealth bought a new position in shares of Lucid Group during the 3rd quarter valued at approximately $48,000. Caprock Group LLC increased its holdings in Lucid Group by 7.4% in the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company's stock worth $671,000 after acquiring an additional 13,159 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after acquiring an additional 2,335,452 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock valued at $930,000 after purchasing an additional 6,374 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.