Citigroup Initiates Coverage on Lucid Group (NASDAQ:LCID)

Key Points

• Citigroup initiated coverage on Lucid with a Buy rating and a $17 price target, implying roughly a 64.7% upside from the stock's current level.
• Market consensus is a Reduce with a $13.14 average target; analyst views are mixed (2 Buys, 5 Holds, 3 Sells) amid recent downgrades from firms including Morgan Stanley and Bank of America.
• Shares trade around $10.32 (52‑week range $9.12–$33.70) with a market cap near $3.38B, a negative P/E, a high debt/equity of 3.0, and about 75% institutional ownership.

Research analysts at Citigroup assumed coverage on shares of Lucid Group (NASDAQ:LCID - Get Free Report) in a research note issued to investors on Wednesday. The firm set a "buy" rating and a $17.00 price target on the stock. Citigroup's price target points to a potential upside of 64.73% from the stock's current price.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald dropped their target price on Lucid Group from $21.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Bank of America initiated coverage on Lucid Group in a research note on Wednesday, March 4th. They set an "underperform" rating and a $10.00 price objective for the company. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Morgan Stanley lowered Lucid Group from a "buy" rating to an "underweight" rating and cut their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $10.00 target price on shares of Lucid Group in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Lucid Group currently has an average rating of "Reduce" and a consensus price target of $13.14.

Lucid Group Trading Up 4.3%

Shares of NASDAQ LCID opened at $10.32 on Wednesday. Lucid Group has a fifty-two week low of $9.12 and a fifty-two week high of $33.70. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -0.85 and a beta of 1.12. The business's 50 day moving average price is $10.41 and its 200-day moving average price is $14.61.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Valeo Financial Advisors LLC raised its position in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock worth $25,000 after acquiring an additional 1,055 shares during the period. Kingsview Wealth Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter worth about $30,000. Brown Advisory Inc. grew its position in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock valued at $33,000 after acquiring an additional 5,000 shares during the period. Heritage Wealth Advisors grew its position in shares of Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company's stock valued at $35,000 after acquiring an additional 5,000 shares during the period. Finally, Silverlake Wealth Management LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.