Lucid Group, Inc. (NASDAQ:LCID) Receives $3.16 Consensus Price Target from Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have recently been assigned a consensus recommendation of “Hold” by nine research firms currently covering the company, according to MarketBeat reports. Out of these, one analyst has given the stock a sell rating, while seven analysts have rated it as a hold, and one has issued a buy rating. The average price target set by analysts over the next year is $3.16.

Several investment firms have recently updated their views on Lucid Group. For instance, on November 19th, the Royal Bank of Canada lowered their target price on the stock from $3.00 to $2.00, maintaining a “sector perform” rating. Meanwhile, Cfra also set a target of $2.00 in a report on October 17th. On November 8th, Needham & Company LLC reaffirmed a “hold” stance on the shares of Lucid Group. Cantor Fitzgerald reiterated a “neutral” rating, adjusting their price target to $4.00 on October 8th. Additionally, Robert W. Baird restated a “neutral” rating while estimating a $3.00 price target on October 7th.

Insider Activities at Lucid Group

In related news, a significant insider transaction took place on October 30th, when Public Investment Fund, a director, acquired 374,717,927 shares of Lucid Group stock at an average price of $2.59 per share. This transaction is valued at approximately $970.5 million. Following this purchase, the director's holdings rose to 8,041,393 shares, estimated to be worth around $20.8 million, marking a substantial increase in their stake. This insider activity was disclosed in a filing with the Securities & Exchange Commission.

Institutional Investor Activity

Various institutional investors and hedge funds have been active in adjusting their positions in Lucid Group. Frank Rimerman Advisors LLC significantly increased its holdings by 925% in the second quarter, acquiring an additional 9,250 shares for a total of 10,250 shares valued at $27,000. Sanctuary Advisors LLC also entered the market by purchasing a new stake worth $26,000 during the same quarter. Other institutions, such as Crumly & Associates Inc. and Latko Wealth Management Ltd., made similar new investments valued at approximately $38,000 and $39,000, respectively. Hedge funds and institutional investors now collectively own 75.17% of the company’s stock.

Lucid Group Stock Performance

As of the latest trading, shares of Lucid Group opened at $3.30. Over the past year, the stock has fluctuated between a low of $1.93 and a high of $4.43. The company’s financial metrics show a debt-to-equity ratio of 0.77, a current ratio of 3.71, and a quick ratio of 3.26. The stock has a market capitalization of $9.94 billion, and its 50-day moving average stands at $2.39, while the 200-day moving average is at $3.00.

Company Overview

Lucid Group, Inc. focuses on the design, engineering, manufacturing, and sales of electric vehicles (EVs), EV powertrains, and battery systems. The company develops proprietary software for its vehicles and sells them directly to consumers, both through retail outlets and online sales, including services offered by Lucid Financial Services.

Lucid, Stocks, Investment