Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $3.04

Lucid Group, Inc. (NASDAQ:LCID) has earned an average rating of “Hold” from the ten analysts that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $3.24.

A number of research analysts have recently issued reports on the stock. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Benchmark started coverage on Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company.

Lucid Group Stock Up 5.1 %

NASDAQ:LCID opened at $3.48 on Wednesday. The company’s 50-day simple moving average is $2.94 and its 200-day simple moving average is $2.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock has a market capitalization of $10.48 billion, a P/E ratio of -2.60 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Investment Fund raised its stake in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 31.1% in 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. Geode Capital Management LLC raised its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP grew its position 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 purchasing an additional 15,493,320 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.