Lucid Group (NASDAQ:LCID) Earns Underperform Rating from Analysts at Bank of America

Equities research analysts at Bank of America began coverage on shares of Lucid Group (NASDAQ:LCID) in a report issued on Wednesday. The firm set an “underperform” rating and a $10.00 price target on the stock. Bank of America‘s target price would suggest a potential downside of 3.19% from the stock’s current price.

LCID has been the subject of several other reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Benchmark reissued a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $18.50.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.22 on Wednesday, reaching $10.33. The company’s stock had a trading volume of 1,367,639 shares, compared to its average volume of 7,598,271. The stock’s 50-day moving average is $10.63 and its two-hundred day moving average is $15.40. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The stock has a market capitalization of $3.35 billion, a P/E ratio of -0.85 and a beta of 1.12. Lucid Group has a 52-week low of $9.12 and a 52-week high of $33.70.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.49) by ($0.59). Lucid Group had a negative return on equity of 138.82% and a negative net margin of 207.87%.The business had revenue of $522.73 million for the quarter, compared to analyst estimates of $473.08 million. During the same quarter in the previous year, the firm posted ($0.22) EPS. The business’s revenue for the quarter was up 122.9% on a year-over-year basis. As a group, sell-side analysts forecast that Lucid Group will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Valeo Financial Advisors LLC increased its holdings in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Jain Global LLC lifted its stake in shares of Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after buying an additional 1,200 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Lucid Group by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after buying an additional 1,336 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Lucid Group by 11.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after purchasing an additional 1,430 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in Lucid Group by 9.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after buying an additional 1,569 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.