Lucid Group (NASDAQ:LCID) Downgraded by Bank of America to “Underperform”

Bank of America downgraded shares of Lucid Group (NASDAQ:LCID) from a neutral rating to an underperform rating in a report issued on Wednesday morning, Marketbeat.com reports. Bank of America currently has $1.00 price objective on the stock, down from their prior price objective of $3.00.

Several other research analysts also recently weighed in on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Royal Bank of Canada dropped their price target on 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 started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective on the stock. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $3.50 to $1.13 in a research note on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.73.

Lucid Group Trading Down 13.6 %

NASDAQ LCID opened at $2.26 on Wednesday. The firm has a market cap of $6.79 billion, a PE 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. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a 50 day moving average price of $2.98 and a 200 day moving average price of $2.97.

Institutional Trading of Lucid Group

Several large investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter worth about $30,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the 4th quarter valued at about $31,000. DRW Securities LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new stake in shares of Lucid Group in the fourth quarter worth about $32,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.