Lucid Group (NASDAQ:LCID) Upgraded at Zacks Research

Zacks Research upgraded shares of Lucid Group (NASDAQ:LCID) from a strong sell rating to a hold rating in a research report sent to investors on Thursday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus reduced their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Finally, Benchmark restated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and a consensus price target of $12.50.

Lucid Group Stock Down 0.7%

NASDAQ LCID opened at $9.77 on Thursday. Lucid Group has a 1 year low of $9.12 and a 1 year high of $33.70. The stock has a market capitalization of $3.20 billion, a PE ratio of -0.81 and a beta of 1.12. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The business’s 50-day moving average is $10.53 and its 200 day moving average is $15.14.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($3.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The business had revenue of $522.73 million for the quarter, compared to the consensus estimate of $473.08 million. During the same period in the previous year, the company earned ($0.22) EPS. The company’s revenue for the quarter was up 122.9% on a year-over-year basis. Sell-side analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Valeo Financial Advisors LLC increased its stake in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Jain Global LLC boosted its stake in Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after acquiring an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Lucid Group by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.