Lucid Group (NASDAQ:LCID) Cut to “Hold” at Benchmark

Benchmark downgraded shares of Lucid Group (NASDAQ:LCID) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports.

A number of other brokerages have also recently commented on LCID. TD Cowen reissued a “hold” rating and issued a $10.00 price target (down from $19.00) on shares of Lucid Group in a research report on Wednesday, April 15th. Bank of America began coverage on Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Citigroup began coverage on Lucid Group in a research report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price target for the company. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus price target of $10.50.

Lucid Group Trading Up 4.8%

Shares of NASDAQ LCID opened at $6.34 on Wednesday. Lucid Group has a 1 year low of $5.62 and a 1 year high of $33.70. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.83. The firm has a 50-day moving average of $8.85 and a 200 day moving average of $11.37. The stock has a market cap of $2.08 billion, a P/E ratio of -0.48 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter last year, the company posted ($0.20) EPS. Lucid Group’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that Lucid Group will post -10.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL bought a new stake in shares of Lucid Group in the 3rd quarter worth $1,361,978,000. Uber Technologies Inc bought a new position in shares of Lucid Group during the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after buying an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after buying an additional 701,826 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.