Lucid Group, Inc. (NASDAQ:LCID) Receives Average Recommendation of “Reduce” from Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given a consensus recommendation of “Reduce” by the twelve analysts that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $18.9222.

Several brokerages recently issued reports on LCID. Royal Bank Of Canada cut their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 target price on Lucid Group in a report on Tuesday, January 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th.

Lucid Group Price Performance

Shares of LCID stock opened at $11.00 on Wednesday. The stock’s fifty day simple moving average is $11.79 and its 200 day simple moving average is $18.02. Lucid Group has a one year low of $9.50 and a one year high of $35.90. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of -1.03 and a beta of 0.89. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its position in Lucid Group by 9.5% in the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after acquiring an additional 9,578 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC raised its position in Lucid Group by 11.3% in the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.