Needham & Company LLC started coverage on shares of Lucid Group (NASDAQ:LCID – Get Rating) in a research report released on Wednesday, The Fly reports. The firm issued an underperform rating on the stock.
Several other research firms also recently weighed in on LCID. Citigroup dropped their target price on Lucid Group from $36.00 to $28.00 in a research report on Thursday, August 4th. R. F. Lafferty assumed coverage on Lucid Group in a research report on Monday. They issued a buy rating and a $19.00 target price for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of 30.86.
Lucid Group Stock Up 3.3 %
Shares of LCID opened at 16.63 on Wednesday. The firm has a market cap of $27.82 billion, a P/E ratio of -11.47 and a beta of 0.57. The company has a current ratio of 7.59, a quick ratio of 6.75 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is 17.84 and its 200 day moving average price is 19.57. Lucid Group has a 12-month low of 13.25 and a 12-month high of 57.75.
Hedge Funds Weigh In On Lucid Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Vanguard Group Inc. boosted its holdings in Lucid Group by 36.7% in the first quarter. Vanguard Group Inc. now owns 38,737,522 shares of the company’s stock valued at $983,933,000 after purchasing an additional 10,400,923 shares in the last quarter. State Street Corp boosted its holdings in Lucid Group by 80.9% in the second quarter. State Street Corp now owns 10,822,778 shares of the company’s stock valued at $185,719,000 after purchasing an additional 4,841,301 shares in the last quarter. BlackRock Inc. boosted its holdings in Lucid Group by 23.7% in the first quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock valued at $396,842,000 after purchasing an additional 2,990,659 shares in the last quarter. Coatue Management LLC acquired a new position in Lucid Group in the first quarter valued at approximately $75,419,000. Finally, Renaissance Technologies LLC acquired a new position in Lucid Group in the fourth quarter valued at approximately $70,183,000. 70.31% of the stock is owned by institutional investors and hedge funds.
Lucid Group Company Profile
Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.
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