Citigroup Lowers Lucid Group (NASDAQ:LCID) Price Target to $28.00

Lucid Group (NASDAQ:LCIDGet Rating) had its target price lowered by equities research analysts at Citigroup from $36.00 to $28.00 in a report issued on Thursday, The Fly reports.

Several other equities analysts have also recently commented on the stock. BNP Paribas initiated coverage on shares of Lucid Group in a research note on Monday, April 11th. They set an “outperform” rating and a $45.00 price objective for the company. Exane BNP Paribas initiated coverage on shares of Lucid Group in a research note on Monday, April 11th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of 32.83.

Lucid Group Trading Down 2.7 %

NASDAQ LCID opened at 18.05 on Thursday. The company’s 50 day moving average is 18.71 and its 200-day moving average is 22.22. Lucid Group has a 12-month low of 13.25 and a 12-month high of 57.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 7.59 and a quick ratio of 10.80.

Lucid Group (NASDAQ:LCIDGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported -0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of -0.30 by 0.25. Lucid Group had a negative net margin of 1,030.53% and a negative return on equity of 34.45%. The company had revenue of 57.70 million for the quarter, compared to analyst estimates of 55.56 million. The company’s revenue for the quarter was up 18334.5% on a year-over-year basis. Equities research analysts predict that Lucid Group will post -1.4 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System raised its holdings in Lucid Group by 2,093.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 375,469 shares of the company’s stock valued at $6,443,000 after buying an additional 358,350 shares during the last quarter. M&T Bank Corp bought a new stake in Lucid Group during the 2nd quarter valued at $336,000. abrdn plc raised its holdings in Lucid Group by 12.2% during the 2nd quarter. abrdn plc now owns 56,311 shares of the company’s stock valued at $966,000 after buying an additional 6,128 shares during the last quarter. Glassman Wealth Services bought a new stake in Lucid Group during the 2nd quarter valued at $106,000. Finally, Concord Wealth Partners bought a new stake in Lucid Group during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.

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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