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

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

Other analysts have also issued research reports about the company. Benchmark began coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price target on 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 research report on Tuesday, November 19th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Lucid Group has an average rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Performance

Lucid Group stock traded down $0.01 on Wednesday, hitting $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 quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a fifty day moving average price of $2.96 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. The firm has a market cap of $6.69 billion, a P/E ratio of -1.66 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $28,000. Accredited Investors Inc. bought a new position in shares of Lucid Group during the fourth quarter worth about $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group in the 4th quarter valued at approximately $31,000. DRW Securities LLC bought a new stake in Lucid Group in the 4th quarter valued at approximately $31,000. Finally, First National Corp MA ADV acquired a new position in Lucid Group during the 4th quarter worth approximately $32,000. 75.17% of the stock is owned by 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.