Benchmark Initiates Coverage on Lucid Group (NASDAQ:LCID)

Stock analysts at Benchmark began coverage on shares of Lucid Group (NASDAQ:LCID) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $5.00 price target on the stock. Benchmark’s price objective indicates a potential upside of 53.37% from the company’s previous close.

A number of other research firms have also recently issued reports on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada decreased their price target 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. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.24.

Lucid Group Trading Up 13.6 %

NASDAQ:LCID opened at $3.26 on Wednesday. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The firm has a 50 day moving average of $2.89 and a 200 day moving average of $2.98. 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 stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of -2.43 and a beta of 0.93.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co increased its stake in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after acquiring an additional 3,816 shares during the period. Sei Investments Co. grew its position in Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after buying an additional 4,431 shares during the period. Greenleaf Trust grew its position in Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after buying an additional 4,604 shares during the period. Arizona State Retirement System grew its position in Lucid Group by 1.9% during the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock valued at $818,000 after buying an additional 5,022 shares during the period. Finally, GAMMA Investing LLC grew its position in Lucid Group by 73.7% during the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after buying an additional 5,031 shares during the period. 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.