Lucid Group, Inc. (NASDAQ:LCID) Given Average Rating of “Reduce” by Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given an average recommendation of “Reduce” by the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $18.9222.

LCID has been the subject of a number of recent analyst reports. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Royal Bank Of Canada lowered their price target on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. Finally, Stifel Nicolaus dropped their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC purchased a new position in Lucid Group during the third quarter valued at $212,000. Johnson & White Wealth Management LLC purchased a new stake in shares of Lucid Group during the third quarter worth about $238,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after purchasing an additional 1,604 shares during the last quarter. Sapient Capital LLC purchased a new position in Lucid Group in the 3rd quarter valued at about $287,000. Finally, Valeo Financial Advisors LLC lifted its stake in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID stock opened at $10.50 on Wednesday. Lucid Group has a 52-week low of $9.50 and a 52-week high of $35.90. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.40 billion, a PE ratio of -0.98 and a beta of 1.16. The business has a 50-day simple moving average of $11.62 and a 200-day simple moving average of $17.60.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The company had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company’s revenue was up 68.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.76) earnings per share. On average, equities analysts expect that Lucid Group will post -1.25 EPS for the current year.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.