Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned a consensus rating of “Hold” from the nine research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $3.16.

LCID has been the topic of a number of recent research reports. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Cfra set a $2.00 target price on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th.

Lucid Group Stock Down 1.6 %

NASDAQ:LCID opened at $3.15 on Tuesday. The company has a market cap of $9.49 billion, a price-to-earnings ratio of -2.35 and a beta of 1.08. Lucid Group has a twelve month low of $1.93 and a twelve month high of $4.43. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $2.41 and a 200-day simple moving average of $3.00.

Insider Activity

In related news, Director Public Investment Fund bought 374,717,927 shares of the stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the purchase, the director now directly owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group during the 2nd quarter valued at about $26,000. Frank Rimerman Advisors LLC raised its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares during the period. Pine Valley Investments Ltd Liability Co lifted its position in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in Lucid Group in the 2nd quarter worth $38,000. Finally, Crumly & Associates Inc. acquired a new position in Lucid Group during the third quarter worth $38,000. 75.17% of the stock is owned by hedge funds and other 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.