Lucid Group’s (LCID) Hold Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Lucid Group (NASDAQ:LCID) in a research report released on Wednesday morning,Benzinga reports.

LCID has been the topic of a number of other research reports. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Benchmark began coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price target for the company. Royal Bank of Canada dropped their target price 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. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $3.50 to $1.13 in a report on Monday. Finally, Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $3.00 to $1.00 in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 13.6 %

LCID stock opened at $2.26 on Wednesday. The firm’s 50-day moving average is $2.98 and its two-hundred day moving average is $2.97. 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 company has a market capitalization of $6.79 billion, a price-to-earnings ratio of -1.68 and a beta of 0.93. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the third quarter worth $3,209,000. Main Management ETF Advisors LLC acquired a new position in Lucid Group in the 3rd quarter worth about $863,000. Charles Schwab Investment Management Inc. raised its stake in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Lucid Group during the 4th quarter valued at about $301,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.