Lucid Group (NASDAQ:LCID) Lowered to Sell Rating by Redburn Atlantic

Lucid Group (NASDAQ:LCID) was downgraded by research analysts at Redburn Atlantic from a “neutral” rating to a “sell” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $1.13 target price on the stock, down from their prior target price of $3.50. Redburn Atlantic’s price target points to a potential downside of 63.07% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Benchmark assumed coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price for the company. 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 for the company in a research report on Tuesday, November 19th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.90.

Lucid Group Trading Down 7.6 %

Shares of LCID stock opened at $3.06 on Monday. Lucid Group has a 52-week low of $1.93 and a 52-week 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 company has a 50-day simple moving average of $2.99 and a two-hundred day simple moving average of $2.98. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of -2.28 and a beta of 0.93.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its position in shares of Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after buying an additional 17,230 shares in the last quarter. Alpine Global Management LLC raised its position in shares of Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after buying an additional 4,653 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock valued at $7,890,000 after purchasing an additional 504,171 shares during the last quarter. Waverly Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at $35,000. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at $5,390,000. Hedge funds and other institutional investors 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.