Lucid Group (NASDAQ:LCID) Coverage Initiated at Benchmark

Benchmark assumed coverage on shares of Lucid Group (NASDAQ:LCID - Get Free Report) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $5.00 price target on the stock. Benchmark's price target suggests a potential upside of 51.06% from the company's current price.

LCID has been the topic of several other reports. Cfra set a $2.00 price objective on shares of Lucid Group in a report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Royal Bank of Canada cut 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 report on Tuesday, November 19th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Lucid Group has a consensus rating of "Hold" and an average price target of $3.24.

Lucid Group Price Performance

Shares of LCID stock traded up $0.05 during trading hours on Wednesday, reaching $3.31. 80,207,315 shares of the company were exchanged, compared to its average volume of 70,537,840. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock's fifty day moving average is $2.91 and its two-hundred day moving average is $2.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Public Investment Fund grew its position in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Lucid Group by 51.7% in the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company's stock worth $30,988,000 after purchasing an additional 3,495,392 shares in the last quarter. Institutional investors own 75.17% of the company's stock.

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.