Lucid Group (NASDAQ:LCID) Cut to “Sell” at Redburn Atlantic

Redburn Atlantic cut shares of Lucid Group (NASDAQ:LCID) from a neutral rating to a sell rating in a research note issued to investors on Monday, MarketBeat reports. The firm currently has $1.13 price target on the stock, down from their previous price target of $3.50.

Other research analysts have also issued reports about the company. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Benchmark assumed coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, R. F. Lafferty raised 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 report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.73.

Lucid Group Stock Performance

LCID stock opened at $2.26 on Monday. The firm has a 50 day simple moving average of $2.98 and a 200 day simple moving average of $2.97. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The stock has a market cap of $6.79 billion, a P/E ratio of -1.68 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Lucid Group during the 4th quarter worth approximately $28,000. Accredited Investors Inc. bought a new position in Lucid Group in the fourth quarter worth $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC bought a new stake in Lucid Group in the 4th quarter valued at $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group in the 4th quarter valued at $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.