Lucid Group, Inc. (NASDAQ:LCID) Receives $9.67 Average Target Price from Brokerages

Lucid Group, Inc. (NASDAQ:LCID) has been assigned a consensus recommendation of “Reduce” from the eleven analysts that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $9.6667.

A number of equities analysts recently issued reports on LCID shares. Robert W. Baird set a $6.00 price objective on Lucid Group in a report on Wednesday, May 6th. Citigroup reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Cantor Fitzgerald reiterated a “neutral” rating and set a $14.00 target price on shares of Lucid Group in a research report on Monday, May 4th. Royal Bank Of Canada lowered their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Finally, Evercore set a $6.00 price target on shares of Lucid Group in a report on Monday, May 11th.

Lucid Group Stock Performance

LCID opened at $6.08 on Friday. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -0.46 and a beta of 0.83. The stock’s 50 day moving average price is $5.82 and its 200-day moving average price is $8.68. Lucid Group has a one year low of $4.47 and a one year high of $33.70. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. Royal Bank of Canada increased its position in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its stake in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Lucid Group

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

• Positive Sentiment: Investors appear encouraged by Lucid’s newly announced executive team and restructuring plan, which aims to simplify operations, improve execution, and support a turnaround. Why Did Lucid Stock Jump 20% This Week?
• Positive Sentiment: Lucid said it is streamlining leadership and appointing key executives across finance, technology, customer, transformation, and digital functions, which may be seen as a cost-cutting and execution-improving move. Lucid Announces Q2 Production and Deliveries, Leadership Actions to Improve Execution
• Neutral Sentiment: Lucid reported second-quarter production of 4,774 vehicles and deliveries of 3,953 vehicles, giving investors a fresh look at operational progress, though the numbers were mixed relative to expectations. Lucid reports second-quarter production and unveils senior leadership overhaul (LCID)
• Neutral Sentiment: The company also named a new CFO, Alexander De Bock, as part of the broader leadership overhaul, reinforcing the ongoing management transition. Lucid names new CFO in latest executive shakeup, misses quarterly delivery estimates
• Negative Sentiment: Lucid missed second-quarter delivery estimates, which is weighing on sentiment and suggests demand or execution remains challenged. Why Lucid (LCID) Shares Are Plunging Today
• Negative Sentiment: The company’s leadership overhaul, including the departure of its CFO and other executive changes, adds uncertainty and has been a source of recent stock weakness. Lucid Motors’ CFO is out as its new CEO continues leadership shakeup
• Negative Sentiment: Multiple law firms have announced or updated securities class action claims tied to Lucid, creating an additional overhang for the shares. LCID DEADLINE ALERT: ROSEN…

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.