Lucid Group (NASDAQ:LCID) Stock Gets Price Target Trim from Robert W. Baird

Lucid Group (NASDAQ:LCID) had its price objective reduced by Robert W. Baird from $6.00 to $5.00 in a report issued on Tuesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

A number of other research firms have also weighed in on LCID. Citigroup decreased their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Royal Bank Of Canada reduced their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research report on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Finally, UBS Group reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $7.11.

Lucid Group Stock Down 11.2%

Shares of NASDAQ LCID opened at $3.26 on Tuesday. The business’s 50 day moving average price is $3.76 and its two-hundred day moving average price is $6.57. The company has a market cap of $1.28 billion, a PE ratio of -0.25 and a beta of 0.80. Lucid Group has a twelve month low of $2.37 and a twelve month high of $16.46.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, November 9th. The company reported ($2.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.27) by ($0.03). Lucid Group had a negative net margin of 253.58% and a negative return on equity of 1,391.51%. The business had revenue of $350.32 million during the quarter, compared to the consensus estimate of $395.67 million. During the same quarter in the prior year, the company earned ($2.65) EPS. Lucid Group’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, research analysts anticipate that Lucid Group will post -11.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently made changes to their positions in LCID. The Manufacturers Life Insurance Company increased its stake in shares of Lucid Group by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock worth $378,000 after purchasing an additional 2,520 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares during the period. Voya Investment Management LLC boosted its stake in Lucid Group by 11.0% in the 3rd quarter. Voya Investment Management LLC now owns 28,127 shares of the company’s stock valued at $114,000 after purchasing an additional 2,786 shares during the period. Allworth Financial LP boosted its stake in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares during the period. Finally, IFP Advisors Inc grew its holdings in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after buying an additional 3,497 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Key Stories Impacting Lucid Group

Here are a few of the latest stories about LCID:

• Positive Sentiment: Lucid highlighted progress on its earnings call, including lower cash burn and growth in its service network. The company has also secured a $1.75 billion credit-line expansion and has backing from Saudi Arabia’s Public Investment Fund, which could help extend its funding runway. Earnings call article Credit line article
• Neutral Sentiment: Analyst views are mixed: TD Cowen cut its target to $4 and kept a Hold rating, while Citigroup lowered its target to $9 but maintained a Buy rating. RBC also maintained its Hold rating. TD Cowen article Citigroup rating
• Negative Sentiment: Several analysts lowered price targets after the results, adding to concerns that Lucid’s near-term financial performance may not justify expectations. Analyst target cuts article

About Lucid Group

Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.