Lucid Group (NASDAQ:LCID) Upgraded by R. F. Lafferty to “Buy” Rating

Lucid Group (NASDAQ:LCID) was upgraded by R. F. Lafferty from a “hold” rating to a “buy” rating in a report issued on Monday,Briefing.com Automated Import reports. The firm presently has a $4.00 price objective on the stock. R. F. Lafferty’s target price indicates a potential upside of 76.21% from the stock’s current price.

LCID has been the subject of a number of other reports. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday. Robert W. Baird restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.27.

Lucid Group Price Performance

LCID opened at $2.27 on Monday. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The company has a market cap of $5.31 billion, a price-to-earnings ratio of -1.87 and a beta of 1.11. The stock has a fifty day simple moving average of $3.16 and a two-hundred day simple moving average of $3.09. Lucid Group has a 12-month low of $2.02 and a 12-month high of $5.31.

Insider Activity

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -100.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Lucid Group by 42.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the period. Bank of New York Mellon Corp increased its holdings in Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the last quarter. Vanguard Group Inc. raised its position in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Lucid Group by 946.6% during the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after acquiring an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Lucid Group by 226.4% during the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock valued at $1,238,000 after acquiring an additional 301,349 shares during the period. 75.17% of the stock is 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.