Stifel Nicolaus Lowers Lucid Group (NASDAQ:LCID) Price Target to $17.00

Lucid Group (NASDAQ:LCID) had its price objective decreased by Stifel Nicolaus from $21.00 to $17.00 in a research note issued on Monday, MarketBeat reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 31.07% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald cut their target price on Lucid Group from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Stock Performance

NASDAQ:LCID opened at $12.97 on Monday. Lucid Group has a fifty-two week low of $12.37 and a fifty-two week high of $36.40. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The company has a 50 day moving average price of $19.77 and a 200 day moving average price of $22.08. The stock has a market capitalization of $4.20 billion, a P/E ratio of -1.21 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.Lucid Group’s revenue was up 68.3% on a year-over-year basis. During the same period in the previous year, the company posted ($2.76) EPS. Equities research analysts forecast that Lucid Group will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Lucid Group by 4.5% during the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock worth $7,480,000 after acquiring an additional 132,497 shares during the period. Swiss National Bank lifted its holdings in Lucid Group by 26.9% in the first quarter. Swiss National Bank now owns 2,334,000 shares of the company’s stock valued at $5,648,000 after acquiring an additional 495,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Wealthfront Advisers LLC grew its stake in shares of Lucid Group by 58.7% during the 1st quarter. Wealthfront Advisers LLC now owns 233,286 shares of the company’s stock worth $565,000 after purchasing an additional 86,255 shares during the period. Finally, Federated Hermes Inc. grew its stake in shares of Lucid Group by 36.4% during the 1st quarter. Federated Hermes Inc. now owns 42,855 shares of the company’s stock worth $104,000 after purchasing an additional 11,445 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.