Lucid Group, Inc. (NASDAQ:LCID) Receives Average Recommendation of “Reduce” from Brokerages

Lucid Group, Inc. (NASDAQ:LCID) has earned an average rating of “Reduce” from the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $4.34.

LCID has been the subject of a number of research reports. Robert W. Baird reduced their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Bank of America reduced their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research note on Monday. Finally, Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its position in Lucid Group by 1.0% during the third quarter. Arizona State Retirement System now owns 248,101 shares of the company’s stock worth $1,387,000 after buying an additional 2,449 shares during the period. M&T Bank Corp grew its position in Lucid Group by 12.8% during the third quarter. M&T Bank Corp now owns 26,770 shares of the company’s stock worth $150,000 after buying an additional 3,046 shares during the period. Principal Financial Group Inc. grew its position in Lucid Group by 5.5% during the third quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock worth $327,000 after buying an additional 3,055 shares during the period. Treasurer of the State of North Carolina grew its position in Lucid Group by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after buying an additional 3,230 shares during the period. Finally, FAS Wealth Partners Inc. grew its position in Lucid Group by 33.4% during the third quarter. FAS Wealth Partners Inc. now owns 13,620 shares of the company’s stock worth $76,000 after buying an additional 3,410 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Performance

NASDAQ:LCID opened at $2.55 on Thursday. The company has a fifty day simple moving average of $2.90 and a two-hundred day simple moving average of $3.63. The company has a market cap of $5.87 billion, a price-to-earnings ratio of -1.82 and a beta of 1.01. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. Lucid Group has a 52 week low of $2.29 and a 52 week high of $8.37.

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 analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. During the same period last year, the firm earned ($0.40) earnings per share. Lucid Group’s revenue was down 39.0% on a year-over-year basis. As a group, equities analysts anticipate that Lucid Group will post -1.06 earnings per share for the current fiscal year.

About Lucid Group

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.