Lucid Group, Inc. (NASDAQ:LCID) Receives $3.16 Consensus Price Target from Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given an average rating of “Hold” by the nine research firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $3.16.

Several analysts recently issued reports on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Cfra set a $2.00 price objective on Lucid Group in a report on Thursday, October 17th. Finally, Royal Bank of Canada reduced their target price on 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.

Lucid Group Stock Down 1.6 %

Shares of LCID opened at $3.15 on Tuesday. The stock has a 50 day moving average price of $2.41 and a 200 day moving average price of $3.00. Lucid Group has a one year low of $1.93 and a one year high of $4.43. 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 stock has a market capitalization of $9.49 billion, a price-to-earnings ratio of -2.35 and a beta of 1.08.

Insider Activity at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Hedge funds have recently modified their holdings of the stock. Frank Rimerman Advisors LLC lifted its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group during the 2nd quarter worth about $26,000. Crumly & Associates Inc. purchased a new position in shares of Lucid Group in the 3rd quarter valued at about $38,000. Latko Wealth Management Ltd. purchased a new stake in Lucid Group during the third quarter worth approximately $39,000. Finally, Clean Yield Group acquired a new position in Lucid Group in the third quarter valued at approximately $43,000. 75.17% of the stock is currently 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.