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

Lucid Group, Inc. (NASDAQ:LCID) has earned a consensus rating of “Reduce” from the twelve research firms that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $18.9222.

A number of equities research analysts have issued reports on LCID shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Benchmark reiterated a “buy” rating on shares of Lucid Group in a research note on Thursday. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus reduced their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Royal Bank Of Canada decreased their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the company. Valeo Financial Advisors LLC lifted its position in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in Lucid Group in the second quarter valued at $30,000. Brown Advisory Inc. lifted its holdings in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares during the last quarter. Keynote Financial Services LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth about $35,000. Finally, Heritage Wealth Advisors boosted its position in shares of Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Performance

NASDAQ LCID opened at $9.55 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a market cap of $3.10 billion, a P/E ratio of -0.89 and a beta of 1.16. The stock has a 50-day moving average of $10.86 and a two-hundred day moving average of $16.01. Lucid Group has a 1-year low of $9.50 and a 1-year high of $33.70.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.