Lucid Group (NASDAQ:LCID) Downgraded to “Sell” Rating by Redburn Atlantic

Redburn Atlantic cut shares of Lucid Group (NASDAQ:LCID) from a neutral rating to a sell rating in a research report report published on Monday, Marketbeat.com reports. They currently have $1.13 price target on the stock, down from their previous price target of $3.50.

A number of other equities research analysts have also commented on the stock. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Royal Bank of Canada decreased 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 research note on Tuesday, November 19th. Benchmark assumed coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.73.

Lucid Group Stock Down 13.6 %

NASDAQ LCID opened at $2.26 on Monday. The stock’s 50 day simple moving average is $2.98 and its 200 day simple moving average is $2.97. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The firm has a market cap of $6.79 billion, a PE ratio of -1.68 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund grew its position in shares of Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the period. Vanguard Group Inc. boosted its stake in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC grew its holdings in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC increased its stake in Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.