Lucid Group (NASDAQ:LCID) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Lucid Group (NASDAQ:LCID) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

Other research analysts have also issued reports about the company. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Royal Bank Of Canada dropped their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $18.92.

Lucid Group Trading Down 3.5%

Shares of NASDAQ:LCID opened at $11.07 on Thursday. The firm has a fifty day moving average of $11.87 and a two-hundred day moving average of $18.17. The firm has a market capitalization of $3.59 billion, a P/E ratio of -1.03 and a beta of 0.89. Lucid Group has a 12-month low of $9.50 and a 12-month 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.

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

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL bought a new stake in shares of Lucid Group during the 3rd quarter worth $1,361,978,000. Uber Technologies Inc bought a new stake in Lucid Group in the 3rd quarter valued at $326,283,000. Marshall Wace LLP increased its stake in Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the period. Norges Bank acquired a new position in shares of Lucid Group in the 2nd quarter worth approximately $16,469,000. Finally, Linden Advisors LP acquired a new position in Lucid Group during the second quarter worth $9,885,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.