Lucid Group (NASDAQ:LCID) Downgraded to Sell Rating by Redburn Atlantic

Redburn Atlantic cut shares of Lucid Group (NASDAQ:LCID - Free Report) from a neutral rating to a sell rating in a report released on Monday, MarketBeat Ratings reports. The firm currently has $1.13 price objective on the stock, down from their previous price objective of $3.50.

A number of other equities research analysts have also recently commented on the company. Benchmark assumed coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a "buy" rating and a $5.00 target price on the stock. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Royal Bank of Canada cut 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. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $2.90.

Lucid Group Stock Down 9.2 %

Shares of NASDAQ LCID traded down $0.28 during trading on Monday, reaching $2.78. The company had a trading volume of 114,704,794 shares, compared to its average volume of 81,913,336. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. The stock has a market cap of $8.37 billion, a PE ratio of -2.07 and a beta of 0.93. The business's 50-day moving average is $2.99 and its 200 day moving average is $2.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter valued at about $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the fourth quarter worth about $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group during the fourth quarter worth about $31,000. DRW Securities LLC acquired a new stake in Lucid Group in the fourth quarter valued at approximately $31,000. Finally, First National Corp MA ADV acquired a new stake in Lucid Group in the fourth quarter valued at approximately $32,000. 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.