Lucid Group (NASDAQ:LCID) Given Hold Rating at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Lucid Group (NASDAQ:LCID) in a research note released on Tuesday morning, Benzinga reports.

Several other research firms also recently commented on LCID. Morgan Stanley reissued an underweight rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a neutral rating for the company in a report on Thursday, February 22nd. Citigroup reiterated a neutral rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Cantor Fitzgerald cut Lucid Group from a neutral rating to an underweight rating and cut their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Bank of America decreased their price objective on Lucid Group from $7.00 to $4.50 and set a neutral rating on the stock in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $4.34.

Lucid Group Stock Down 14.1 %

LCID opened at $2.62 on Tuesday. Lucid Group has a fifty-two week low of $2.29 and a fifty-two week high of $8.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The firm’s fifty day moving average is $2.77 and its 200 day moving average is $3.49.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. During the same period last year, the company earned ($0.43) EPS. The business’s revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts forecast that Lucid Group will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UniSuper Management Pty Ltd grew its holdings in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after purchasing an additional 3,700 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $28,000. Banque Cantonale Vaudoise bought a new stake in shares of Lucid Group during the 3rd quarter worth approximately $38,000. China Universal Asset Management Co. Ltd. boosted its holdings in Lucid Group by 309.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock valued at $47,000 after acquiring an additional 6,398 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Lucid Group in the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.