Lucid Group (NASDAQ:LCID) Price Target Raised to $3.00

Lucid Group (NASDAQ:LCID - Free Report) had its price target increased by Robert W. Baird from $2.00 to $3.00 in a research note released on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

LCID has been the subject of a number of other research reports. TD Cowen began coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price for the company. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Finally, Benchmark reiterated a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

Lucid Group stock traded up $0.05 during midday trading on Monday, reaching $2.50. The company's stock had a trading volume of 49,595,500 shares, compared to its average volume of 62,463,583. The stock has a market cap of $7.56 billion, a PE ratio of -1.86 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The business has a 50-day moving average price of $2.41 and a 200-day moving average price of $2.60.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. raised its position in Lucid Group by 14.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock valued at $226,000 after buying an additional 8,074 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after buying an additional 3,816 shares during the last quarter. GAMMA Investing LLC raised its position in Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock worth $36,000 after acquiring an additional 5,031 shares during the period. Everence Capital Management Inc. purchased a new position in Lucid Group in the fourth quarter valued at about $151,000. Finally, Fermata Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $144,000. 75.17% of the stock is currently 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.