Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $4.80

Lucid Group, Inc. (NASDAQ:LCID) has received an average rating of “Reduce” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $4.34.

LCID has been the topic of a number of research reports. Bank of America decreased their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird decreased their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus lowered their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Finally, Morgan Stanley restated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th.

Lucid Group Stock Performance

Shares of Lucid Group stock opened at $2.38 on Thursday. The business’s fifty day simple moving average is $2.93 and its 200-day simple moving average is $3.66. Lucid Group has a 52 week low of $2.31 and a 52 week high of $8.37. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The firm has a market cap of $5.47 billion, a PE ratio of -1.70 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. During the same quarter in the prior year, the business earned ($0.40) earnings per share. Lucid Group’s revenue was down 39.0% on a year-over-year basis. Equities analysts forecast that Lucid Group will post -1.06 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Vanguard Group Inc. grew its position in shares of Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares during the last quarter. Invesco Ltd. raised its stake in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after acquiring an additional 1,763,443 shares during the last quarter. Norges Bank acquired a new stake in shares of Lucid Group during the fourth quarter worth $22,208,000. Finally, Northern Trust Corp lifted its stake in shares of Lucid Group by 13.8% in the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after acquiring an additional 631,728 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.