Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $4.90

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus recommendation of “Reduce” from the ten ratings firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $4.80.

Several research analysts recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Bank of America reduced their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Finally, Robert W. Baird reduced their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd.

Lucid Group Price Performance

Shares of LCID opened at $2.85 on Friday. The company has a 50 day moving average price of $3.14 and a 200-day moving average price of $4.03. Lucid Group has a fifty-two week low of $2.54 and a fifty-two week high of $8.87. The stock has a market capitalization of $6.56 billion, a PE ratio of -2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. During the same period in the previous year, the company posted ($0.40) EPS. Lucid Group’s revenue for the quarter was down 39.0% on a year-over-year basis. Equities analysts predict that Lucid Group will post -1.06 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after purchasing an additional 9,175,312 shares in the last quarter. BlackRock Inc. lifted its holdings in Lucid Group by 32.0% during the second quarter. BlackRock Inc. now owns 45,330,425 shares of the company’s stock valued at $312,327,000 after purchasing an additional 10,991,369 shares in the last quarter. State Street Corp lifted its holdings in Lucid Group by 35.1% during the second quarter. State Street Corp now owns 16,047,532 shares of the company’s stock valued at $110,567,000 after purchasing an additional 4,171,066 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Lucid Group by 25.8% during the second quarter. Geode Capital Management LLC now owns 12,537,872 shares of the company’s stock valued at $86,237,000 after purchasing an additional 2,569,226 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after purchasing an additional 1,060,588 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.