Lucid Group, Inc. (NASDAQ:LCID) Receives $9.56 Consensus Price Target from Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned a consensus rating of “Reduce” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $9.5556.

Several equities analysts have recently commented on LCID shares. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. William Blair lowered Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley set a $5.00 price objective on Lucid Group in a research report on Wednesday, May 6th. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $6.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th.

Lucid Group Stock Performance

Shares of LCID stock opened at $5.77 on Friday. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -0.42 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The company has a 50-day simple moving average of $6.24 and a 200 day simple moving average of $7.65. Lucid Group has a 52 week low of $2.37 and a 52 week high of $25.23.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.24) EPS. On average, sell-side analysts predict that Lucid Group will post -12.15 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares during the period. Leonteq Securities AG bought a new position in Lucid Group during the 4th quarter worth $67,000. Caitong International Asset Management Co. Ltd bought a new position in Lucid Group during the 4th quarter worth $77,000. Eurizon Capital SGR S.p.A. acquired a new position in Lucid Group in the 4th quarter valued at $86,000. Finally, HITE Hedge Asset Management LLC acquired a new position in Lucid Group in the 3rd quarter valued at $212,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.