Summit Securities Group LLC Invests $53,000 in Lucid Group, Inc. (NASDAQ:LCID)

Summit Securities Group LLC bought a new stake in Lucid Group, Inc. (NASDAQ:LCID) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 17,442 shares of the company’s stock, valued at approximately $53,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the fourth quarter valued at $28,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group during the 4th quarter worth about $31,000. First National Corp MA ADV acquired a new position in Lucid Group in the 4th quarter valued at about $32,000. Citizens Financial Group Inc. RI bought a new position in Lucid Group in the 4th quarter valued at about $32,000. Finally, Yousif Capital Management LLC acquired a new stake in Lucid Group during the fourth quarter worth approximately $32,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $2.32 on Monday. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market cap of $7.03 billion, a PE ratio of -1.73 and a beta of 0.97. The company has a 50 day moving average of $2.61 and a 200-day moving average of $2.74. Lucid Group, Inc. has a 1-year low of $1.93 and a 1-year high of $4.43.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stifel Nicolaus decreased their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Profile

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.