Lucid Group (NASDAQ:LCID) Rating Lowered to Underperform at Bank of America

Lucid Group (NASDAQ:LCID - Get Free Report) was downgraded by analysts at Bank of America from a "neutral" rating to an "underperform" rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They presently have a $1.00 target price on the stock, down from their previous target price of $3.00. Bank of America's price objective suggests a potential downside of 54.95% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada dropped their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Tuesday, November 19th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Benchmark assumed coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned 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 $2.73.

Lucid Group Stock Down 0.4 %

Shares of LCID stock traded down $0.01 during trading on Wednesday, reaching $2.22. The company's stock had a trading volume of 135,864,308 shares, compared to its average volume of 87,222,867. 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 company has a market capitalization of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The stock's 50-day moving average price is $2.96 and its 200 day moving average price is $2.96. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group during the fourth quarter worth about $28,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group during the fourth quarter worth about $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth about $31,000. DRW Securities LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group during the fourth quarter worth about $32,000. Institutional investors and hedge funds 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.