Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $10.50

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus rating of “Reduce” from the eleven analysts that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $10.00.

A number of brokerages have commented on LCID. Morgan Stanley set a $5.00 price target on Lucid Group in a research report on Wednesday, May 6th. Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 price target on shares of Lucid Group in a research report on Monday, May 4th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Evercore set a $6.00 price objective on shares of Lucid Group in a research note on Monday. Finally, TD Cowen reduced their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th.

Lucid Group Stock Down 1.9%

Shares of LCID stock opened at $6.27 on Friday. Lucid Group has a 12 month low of $5.62 and a 12 month high of $33.70. The stock has a market cap of $2.45 billion, a P/E ratio of -0.48 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The company has a 50 day simple moving average of $8.45 and a two-hundred day simple moving average of $10.91.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, May 5th. The company reported ($3.46) EPS for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The business had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.20) earnings per share. On average, research analysts expect that Lucid Group will post -10.75 earnings per share for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Piar LLC grew its position in shares of Lucid Group by 304.9% during the first quarter. Piar LLC now owns 61,139 shares of the company’s stock worth $583,000 after purchasing an additional 46,039 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of Lucid Group during the first quarter worth about $98,000. Wealthfront Advisers LLC grew its position in shares of Lucid Group by 17.2% during the first quarter. Wealthfront Advisers LLC now owns 40,084 shares of the company’s stock worth $382,000 after purchasing an additional 5,884 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Lucid Group by 11.8% during the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock worth $4,281,000 after purchasing an additional 47,427 shares in the last quarter. Finally, Calamos Advisors LLC grew its stake in Lucid Group by 50.0% during the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after acquiring an additional 75,000 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.