Lucid Group (NASDAQ:LCID) Stock Rating Lowered by Bank of America

Lucid Group (NASDAQ:LCID) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $1.00 target price on the stock, down from their prior target price of $3.00. Bank of America‘s target price suggests a potential downside of 61.69% from the company’s current price.

LCID has been the subject of several other reports. Benchmark started coverage on Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research report on Monday, November 11th. 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. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $3.50 to $1.13 in a report on Monday. Finally, Royal Bank of Canada dropped 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 note on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 6.1 %

Lucid Group stock opened at $2.61 on Wednesday. Lucid Group has a fifty-two week low of $1.93 and a fifty-two 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 firm’s 50-day simple moving average is $2.99 and its 200 day simple moving average is $2.97. The stock has a market cap of $7.86 billion, a PE ratio of -1.95 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the 4th quarter valued at $28,000. Accredited Investors Inc. bought a new position in Lucid Group in the fourth quarter valued at $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group during the fourth quarter valued at about $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group in the 4th quarter worth about $31,000. Finally, First National Corp MA ADV bought a new position in shares of Lucid Group during the 4th quarter valued at about $32,000. 75.17% of the stock is currently owned by 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.