Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $2.69

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received an average recommendation of “Reduce” from the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $2.69.

Several equities analysts have weighed in on LCID shares. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. TD Cowen started coverage on Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Stifel Nicolaus dropped their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, February 26th.

Lucid Group Stock Performance

NASDAQ LCID opened at $2.03 on Friday. The company has a market cap of $6.15 billion, a P/E ratio of -1.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a 50-day moving average of $2.77 and a two-hundred day moving average of $2.87. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Point72 Italy S.r.l. purchased a new stake in Lucid Group during the third quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the third quarter worth approximately $863,000. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Lucid Group during the fourth quarter worth approximately $301,000. Hedge funds and other institutional investors 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.