Lucid Group, Inc. (NASDAQ:LCID) Receives Average Rating of “Hold” from Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given an average recommendation of “Hold” by the nine brokerages that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $8.56.

A number of equities analysts have recently issued reports on LCID shares. BNP Paribas downgraded Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $6.50 to $5.00 in a research report on Friday, August 11th. Robert W. Baird initiated coverage on Lucid Group in a research report on Tuesday. They set a “neutral” rating on the stock. Bank of America initiated coverage on shares of Lucid Group in a report on Monday, July 17th. They set a “neutral” rating and a $8.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of Lucid Group from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, August 8th. Finally, Citigroup dropped their price objective on shares of Lucid Group from $8.00 to $7.50 and set a “neutral” rating on the stock in a report on Wednesday, August 9th.

Lucid Group Stock Performance

Shares of NASDAQ:LCID opened at $6.30 on Wednesday. The firm has a 50 day moving average of $6.81 and a 200 day moving average of $7.29. The company has a market capitalization of $14.38 billion, a price-to-earnings ratio of -4.17 and a beta of 1.05. The company has a quick ratio of 6.11, a current ratio of 7.07 and a debt-to-equity ratio of 0.35. Lucid Group has a 52 week low of $5.46 and a 52 week high of $17.81.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.05). The business had revenue of $150.90 million for the quarter, compared to analyst estimates of $181.58 million. Lucid Group had a negative return on equity of 64.02% and a negative net margin of 337.97%. The business’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.33) earnings per share. On average, sell-side analysts predict that Lucid Group will post -1.51 earnings per share for the current fiscal year.

Insider Transactions at Lucid Group

In other news, Director Public Investment Fund bought 265,693,703 shares of the stock in a transaction dated Thursday, June 22nd. The shares were acquired at an average cost of $6.83 per share, with a total value of $1,814,687,991.49. Following the purchase, the director now directly owns 1,366,658,905 shares in the company, valued at approximately $9,334,280,321.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 62.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. 1832 Asset Management L.P. acquired a new stake in Lucid Group in the 1st quarter valued at about $25,000. First Manhattan Co. raised its holdings in Lucid Group by 666.7% in the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the last quarter. Hexagon Capital Partners LLC acquired a new stake in Lucid Group in the 2nd quarter valued at about $34,000. Itau Unibanco Holding S.A. raised its holdings in Lucid Group by 283.3% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after acquiring an additional 3,671 shares during the last quarter. Finally, Twin Tree Management LP acquired a new stake in Lucid Group in the 1st quarter valued at about $35,000.

About Lucid Group

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.