Lucid Group (NASDAQ:LCID) Coverage Initiated by Analysts at Benchmark

Benchmark began coverage on shares of Lucid Group (NASDAQ:LCID) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $5.00 price objective on the stock.

Several other brokerages also recently issued reports on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada reduced 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 research report on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Finally, R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $3.24.

Lucid Group Trading Up 6.7 %

Shares of LCID opened at $2.87 on Wednesday. The stock has a fifty day moving average price of $2.86 and a two-hundred day moving average price of $2.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $8.64 billion, a price-to-earnings ratio of -2.14 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 made changes to their positions in LCID. Truist Financial Corp lifted its stake in Lucid Group by 40.2% in the second quarter. Truist Financial Corp now owns 37,760 shares of the company’s stock valued at $99,000 after buying an additional 10,828 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter valued at approximately $26,000. SG Americas Securities LLC acquired a new stake in shares of Lucid Group in the 3rd quarter valued at approximately $537,000. CWM LLC boosted its stake in Lucid Group by 24.6% during the 3rd quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after acquiring an additional 6,771 shares during the last quarter. Finally, Creative Planning grew its holdings in Lucid Group by 54.3% during 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 during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.