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

Lucid Group (NASDAQ:LCID – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Lucid Group Inc. is an automotive company which specializes in electric cars. Lucid Group Inc., formerly known as Churchill Capital Corp IV, is headquartered in Newark, California. “

Several other brokerages have also recently weighed in on LCID. Redburn Partners initiated coverage on shares of Lucid Group in a research report on Tuesday, January 11th. They issued a “neutral” rating on the stock. Exane BNP Paribas initiated coverage on shares of Lucid Group in a research report on Monday, April 11th. They issued an “outperform” rating on the stock. Morgan Stanley decreased their price objective on shares of Lucid Group from $16.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, March 3rd. Citigroup decreased their price objective on shares of Lucid Group from $57.00 to $45.00 in a research note on Tuesday, March 1st. Finally, BNP Paribas assumed coverage on shares of Lucid Group in a research note on Monday, April 11th. They issued an “outperform” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of 35.67.

LCID stock opened at 17.64 on Wednesday. The company’s 50-day moving average is 24.01 and its 200-day moving average is 32.87. The company has a debt-to-equity ratio of 0.51, a current ratio of 16.43 and a quick ratio of 16.11. Lucid Group has a 1 year low of 16.12 and a 1 year high of 57.75.

Lucid Group (NASDAQ:LCID – Get Rating) last released its quarterly earnings data on Monday, February 28th. The company reported -0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of -0.26 by -0.11. The firm had revenue of 26.40 million for the quarter, compared to the consensus estimate of 59.87 million. The company’s revenue was up 633.3% on a year-over-year basis. As a group, equities analysts predict that Lucid Group will post -1.25 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in LCID. Morgan Stanley bought a new position in Lucid Group in the 3rd quarter valued at $33,703,000. DeDora Capital Inc. bought a new position in Lucid Group in the 4th quarter valued at $2,998,000. Arizona State Retirement System bought a new position in Lucid Group in the 4th quarter valued at $4,217,000. Banque Pictet & Cie SA bought a new position in Lucid Group in the 4th quarter valued at $3,173,000. Finally, Oxinas Partners Wealth Management LLC bought a new position in Lucid Group in the 4th quarter valued at $462,000. Institutional investors and hedge funds own 69.52% of the company’s stock.

Lucid Group Company Profile (Get Rating)

Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.

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