Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $3.16

Lucid Group, Inc. (NASDAQ:LCID) has earned an average recommendation of “Hold” from the nine ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $3.16.

A number of equities research analysts have weighed in on the company. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 price objective on shares of Lucid Group in a report on Tuesday, October 8th. Finally, R. F. Lafferty upgraded shares of 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.

Insiders Place Their Bets

In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 61.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co boosted its stake in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after purchasing an additional 3,549 shares during the period. Principal Financial Group Inc. boosted its position in shares of Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after buying an additional 3,715 shares during the period. Greenleaf Trust grew its holdings in Lucid Group by 22.0% in the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after buying an additional 4,604 shares in the last quarter. Amalgamated Bank increased its position in Lucid Group by 12.5% in the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock valued at $125,000 after acquiring an additional 5,337 shares during the period. Finally, Xponance Inc. boosted its position in Lucid Group by 20.8% during the 2nd quarter. Xponance Inc. now owns 31,938 shares of the company’s stock worth $83,000 after acquiring an additional 5,493 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Up 0.5 %

Shares of Lucid Group stock opened at $2.18 on Friday. Lucid Group has a 1-year low of $1.93 and a 1-year high of $5.31. The company has a market capitalization of $6.57 billion, a PE ratio of -1.63 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The business has a 50-day moving average of $2.68 and a 200-day moving average of $3.02.

Lucid Group Company 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.