Lucid Group (NASDAQ:LCID) Coverage Initiated by Analysts at Citigroup

Citigroup assumed coverage on shares of Lucid Group (NASDAQ:LCIDGet Rating) in a research report report published on Sunday, The Fly reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

A number of other equities analysts have also recently commented on LCID. Evercore ISI started coverage on Lucid Group in a report on Tuesday, November 29th. They issued an in-line rating and a $12.00 target price on the stock. R. F. Lafferty cut their price target on Lucid Group from $19.00 to $17.00 in a research note on Thursday, November 10th. Morgan Stanley cut their price target on Lucid Group from $12.00 to $10.00 and set an underweight rating for the company in a research note on Thursday, November 10th. Bank of America started coverage on Lucid Group in a research note on Thursday, December 15th. They issued a buy rating and a $21.00 price target for the company. Finally, Cantor Fitzgerald started coverage on Lucid Group in a research note on Tuesday, September 27th. They issued an overweight rating and a $23.00 price target for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $20.00.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $7.82 on Friday. Lucid Group has a one year low of $6.09 and a one year high of $39.98. The stock’s fifty day moving average is $8.41 and its 200 day moving average is $13.32. The stock has a market cap of $13.14 billion, a P/E ratio of -5.51 and a beta of 0.67. The company has a debt-to-equity ratio of 0.64, a quick ratio of 4.21 and a current ratio of 5.04.

Lucid Group (NASDAQ:LCIDGet Rating) last announced its earnings results on Tuesday, November 8th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.07). Lucid Group had a negative return on equity of 39.15% and a negative net margin of 498.19%. The company had revenue of $195.46 million during the quarter, compared to the consensus estimate of $232.50 million. Sell-side analysts anticipate that Lucid Group will post -1.11 earnings per share for the current year.

Insider Activity

In other news, Director Public Investment Fund acquired 85,712,679 shares of the business’s stock in a transaction dated Thursday, December 22nd. The stock was purchased at an average price of $10.68 per share, for a total transaction of $915,411,411.72. Following the completion of the transaction, the director now directly owns 1,100,965,202 shares in the company, valued at approximately $11,758,308,357.36. The acquisition was disclosed in a filing with the SEC, which is available through this link. In other news, Director Public Investment Fund acquired 85,712,679 shares of the business’s stock in a transaction dated Thursday, December 22nd. The stock was purchased at an average price of $10.68 per share, for a total transaction of $915,411,411.72. Following the completion of the transaction, the director now directly owns 1,100,965,202 shares in the company, valued at approximately $11,758,308,357.36. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michael Bell sold 12,574 shares of the firm’s stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $8.57, for a total value of $107,759.18. Following the transaction, the senior vice president now owns 1,261,950 shares of the company’s stock, valued at approximately $10,814,911.50. The disclosure for this sale can be found here. Company insiders own 62.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Allworth Financial LP grew its position in Lucid Group by 60.8% in the fourth quarter. Allworth Financial LP now owns 3,730 shares of the company’s stock worth $25,000 after acquiring an additional 1,410 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Lucid Group in the first quarter worth about $25,000. MinichMacGregor Wealth Management LLC purchased a new position in Lucid Group in the fourth quarter worth about $26,000. Armstrong Advisory Group Inc. purchased a new position in Lucid Group in the fourth quarter worth about $26,000. Finally, Nisa Investment Advisors LLC purchased a new position in Lucid Group in the third quarter worth about $29,000.

About Lucid Group

(Get Rating)

Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.

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