Lucid Group (NASDAQ:LCID) Given Hold Rating at Needham & Company LLC

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating reissued by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports.

Several other equities research analysts have also recently weighed in on the stock. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Wednesday. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $3.50 to $1.13 in a research note on Monday. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Tuesday, January 7th. Benchmark began coverage on Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price target for the company. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus price target of $2.73.

Lucid Group Stock Performance

NASDAQ:LCID opened at $2.61 on Wednesday. The company has a market cap of $7.86 billion, a price-to-earnings ratio of -1.95 and a beta of 0.93. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The stock’s 50 day simple moving average is $2.99 and its two-hundred day simple 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

Several large investors have recently modified their holdings of the business. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group during the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC bought a new stake in shares of Lucid Group during the third quarter worth $863,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after purchasing an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new position in shares of Lucid Group in the fourth quarter worth about $301,000. Hedge funds and other 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.