Lucid Group (NASDAQ:LCID) Cut to Neutral at BNP Paribas

Posted by on Feb 27th, 2023

BNP Paribas lowered shares of Lucid Group (NASDAQ:LCID – Get Rating) from an outperform rating to a neutral rating in a report issued on Thursday morning, MarketBeat Ratings reports.

Several other analysts have also commented on the stock. R. F. Lafferty cut their target price on shares of Lucid Group from $19.00 to $17.00 in a research note on Thursday, November 10th. Morgan Stanley cut their target price on shares of Lucid Group from $10.00 to $5.00 and set an underweight rating for the company in a research note on Wednesday, January 25th. Bank of America lowered shares of Lucid Group from a buy rating to a neutral rating and cut their target price for the company from $18.00 to $10.00 in a research note on Thursday. Citigroup assumed coverage on shares of Lucid Group in a research note on Sunday, January 22nd. They set a buy rating and a $12.00 target price for the company. Finally, Evercore ISI initiated coverage on shares of Lucid Group in a research note on Tuesday, November 29th. They set an in-line rating and a $12.00 target price for the company. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Lucid Group presently has an average rating of Hold and an average price target of $15.57.

Lucid Group Trading Down 3.2 %

Shares of NASDAQ:LCID opened at $8.51 on Thursday. Lucid Group has a twelve month low of $6.09 and a twelve month high of $29.05. The firm has a market cap of $14.30 billion, a P/E ratio of -8.03 and a beta of 1.08. The company has a 50 day moving average of $8.84 and a 200-day moving average of $11.79. The company has a current ratio of 5.04, a quick ratio of 4.21 and a debt-to-equity ratio of 0.64.

Insider Activity

In other news, Director Public Investment Fund purchased 85,712,679 shares of the business’s stock in a transaction dated Thursday, December 22nd. The shares were acquired at an average price of $10.68 per share, for a total transaction of $915,411,411.72. Following the completion of the acquisition, the director now directly owns 1,100,965,202 shares of the company’s stock, valued at $11,758,308,357.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Lucid Group news, SVP Michael Bell sold 12,574 shares of the company’s stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $8.57, for a total value of $107,759.18. Following the transaction, the senior vice president now owns 1,261,950 shares in the company, valued at approximately $10,814,911.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Public Investment Fund acquired 85,712,679 shares of the company’s stock in a transaction on Thursday, December 22nd. The stock was bought at an average price of $10.68 per share, for a total transaction of $915,411,411.72. Following the purchase, the director now owns 1,100,965,202 shares in the company, valued at approximately $11,758,308,357.36. The disclosure for this purchase can be found here. 62.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LCID. 1832 Asset Management L.P. acquired a new position in shares of Lucid Group during the 1st quarter worth $25,000. First Manhattan Co. increased its stake in shares of Lucid Group by 666.7% during the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the last quarter. Koshinski Asset Management Inc. acquired a new position in shares of Lucid Group during the 3rd quarter worth $203,000. Concord Wealth Partners acquired a new position in shares of Lucid Group during the 2nd quarter worth $33,000. Finally, Seeyond acquired a new position in shares of Lucid Group during the 2nd quarter worth $33,000.

About Lucid Group

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Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.

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Analyst Recommendations for Lucid Group (NASDAQ:LCID)

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