Lucid Group (NASDAQ:LCID) Raised to “Hold” at Zacks Research

Lucid Group (NASDAQ:LCID) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

LCID has been the subject of a number of other research reports. Bank of America began coverage on Lucid Group in a research note on Wednesday. They set an “underperform” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 price target on shares of Lucid Group in a research note on Wednesday, February 25th. Benchmark reiterated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Finally, Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus price target of $12.50.

Lucid Group Stock Down 0.7%

Shares of LCID opened at $9.77 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. Lucid Group has a fifty-two week low of $9.12 and a fifty-two week high of $33.70. The firm has a market cap of $3.20 billion, a PE ratio of -0.81 and a beta of 1.12. The company’s fifty day moving average is $10.53 and its two-hundred day moving average is $15.14.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period last year, the company posted ($0.22) EPS. The firm’s revenue for the quarter was up 122.9% compared to the same quarter last year. Analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Valeo Financial Advisors LLC lifted its position in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares in the last quarter. Jain Global LLC increased its holdings in 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 purchasing an additional 1,200 shares during the period. The Manufacturers Life Insurance Company lifted 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 purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in Lucid Group by 11.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after buying an additional 1,430 shares during the period. Finally, SBI Securities Co. Ltd. boosted its stake in Lucid Group by 9.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.