Lucid Group (NASDAQ:LCID) Lowered to Sell Rating by Redburn Atlantic

Lucid Group (NASDAQ:LCID) was downgraded by analysts at Redburn Atlantic from a “neutral” rating to a “sell” rating in a research note issued on Monday,Briefing.com Automated Import reports. They presently have a $1.13 price objective on the stock, down from their previous price objective of $3.50. Redburn Atlantic’s price objective would indicate a potential downside of 63.07% from the company’s current price.

Other analysts have also issued research reports about the stock. Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price on the stock. Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Finally, R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.90.

Lucid Group Stock Performance

NASDAQ LCID opened at $3.06 on Monday. 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 firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of -2.28 and a beta of 0.93. The firm’s 50 day simple moving average is $2.99 and its 200 day simple moving average is $2.98. 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

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Creative Planning increased its stake in Lucid Group by 54.3% in the third quarter. Creative Planning now owns 224,031 shares of the company’s stock valued at $791,000 after purchasing an additional 78,839 shares in the last quarter. Signaturefd LLC increased its stake in Lucid Group by 39.8% in the third quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after purchasing an additional 10,383 shares in the last quarter. Greenleaf Trust increased its stake in Lucid Group by 22.0% in the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after purchasing an additional 4,604 shares in the last quarter. Brighton Jones LLC bought a new stake in Lucid Group in the third quarter valued at $56,000. Finally, Ballentine Partners LLC increased its stake in Lucid Group by 67.3% in the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after purchasing an additional 13,554 shares in the last quarter. 75.17% of the stock is owned by 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.