Lucid Group's (LCID) "Hold" Rating Reiterated at Needham & Company LLC

Lucid Group (NASDAQ:LCID - Get Free Report)'s stock had its "hold" rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports.

Several other equities analysts have also commented on the stock. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $3.00 to $1.00 in a research note on Wednesday. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.73.

Lucid Group Price Performance

Shares of LCID traded down $0.01 during trading hours on Wednesday, hitting $2.22. 135,864,308 shares of the company were exchanged, 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. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The company has a market cap of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The firm's fifty day moving average is $2.96 and its 200 day moving average is $2.96.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently bought and sold shares of LCID. Public Investment Fund grew its holdings in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its holdings in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP grew its holdings in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new position in shares of Lucid Group during the fourth quarter valued at $34,123,000. 75.17% of the stock is currently owned by 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.