Robert W. Baird Has Lowered Expectations for Lucid Group (NASDAQ:LCID) Stock Price

Lucid Group (NASDAQ:LCID) had its price target decreased by Robert W. Baird from $6.00 to $5.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird‘s target price points to a potential upside of 38.89% from the stock’s current price.

Other research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Royal Bank Of Canada reduced their price objective on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. Cantor Fitzgerald decreased their target price on Lucid Group from $8.00 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday. William Blair cut shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Citigroup dropped their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $7.67.

Lucid Group Stock Up 9.4%

Shares of LCID opened at $3.60 on Tuesday. The company has a market capitalization of $1.42 billion, a P/E ratio of -0.26 and a beta of 0.80. The firm has a 50 day moving average of $3.83 and a 200 day moving average of $6.69. Lucid Group has a twelve month low of $2.37 and a twelve month high of $17.80.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, November 9th. The company reported ($2.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.27) by ($0.03). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business had revenue of $350.32 million during the quarter, compared to the consensus estimate of $395.67 million. During the same period last year, the company posted ($2.65) earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts expect that Lucid Group will post -12.15 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Bank of America Corp DE grew its stake in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Lucid Group in the 2nd quarter worth approximately $3,125,000. Lazard Asset Management LLC lifted its stake in shares of Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after purchasing an additional 200,604 shares during the period. Headlands Technologies LLC purchased a new position in shares of Lucid Group in the second quarter worth approximately $1,368,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after buying an additional 144,089 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group News Summary

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid secured an additional $1.75 billion in delayed-draw financing from Saudi Arabia’s Public Investment Fund, its largest shareholder. The added funding boosts liquidity as the company works through its turnaround. Reuters article
• Positive Sentiment: The company said quarterly cash consumption fell 30% sequentially, a sign of progress on cost and cash-flow initiatives. Lucid third-quarter results
• Neutral Sentiment: Lucid’s Q3 results were mixed across earnings measures: one estimate showed a narrower adjusted loss than expected, but reported EPS missed consensus and revenue of about $350 million was below analyst forecasts, despite growing year over year. Zacks earnings article
• Negative Sentiment: Production was cut to 2,954 vehicles, down 24% from the prior quarter, while deliveries of 3,806 missed expectations. Lower output reflects efforts to align production with demand, but also highlights execution and sales challenges. Production and demand article

Lucid Group Company Profile

Lucid Group, Inc designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company.

The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.

Lucid sells its vehicles in markets including North America, Europe and the Middle East.