Lucid Group (NASDAQ:LCID) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Lucid Group (NASDAQ:LCID) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Several other brokerages also recently commented on LCID. William Blair downgraded Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. TD Cowen dropped their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. Finally, Robert W. Baird set a $6.00 price objective on Lucid Group in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Price Performance

LCID stock opened at $5.92 on Tuesday. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. Lucid Group has a 1 year low of $2.37 and a 1 year high of $25.23. The firm has a 50-day moving average of $6.26 and a 200 day moving average of $7.61. The company has a market cap of $2.33 billion, a P/E ratio of -0.43 and a beta of 0.83.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter last year, the company posted ($0.24) EPS. The firm’s revenue was up 56.2% on a year-over-year basis. On average, sell-side analysts forecast that Lucid Group will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Lucid Group in the 4th quarter worth about $67,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Lucid Group in the 4th quarter worth about $77,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Lucid Group during the 4th quarter worth about $86,000. Finally, HITE Hedge Asset Management LLC bought a new position in Lucid Group during the 3rd quarter valued at about $212,000. 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.