Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of “Reduce” by Analysts

Lucid Group, Inc. (NASDAQ:LCID) has earned a consensus rating of “Reduce” from the thirteen analysts that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $24.24.

Several analysts have commented on LCID shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lucid Group in a research note on Wednesday, October 8th. Morgan Stanley increased their target price on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald increased their target price on Lucid Group from $20.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Finally, Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. HB Wealth Management LLC bought a new position in Lucid Group in the 1st quarter worth $25,000. Cigna Investments Inc. New bought a new position in Lucid Group in the 2nd quarter worth $25,000. Valeo Financial Advisors LLC raised its holdings in 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 purchasing an additional 1,055 shares during the period. Tyche Wealth Partners LLC bought a new position in Lucid Group in the 2nd quarter worth $26,000. Finally, Integrity Alliance LLC. bought a new position in Lucid Group in the 1st quarter worth $27,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Stock Down 0.9%

Shares of NASDAQ:LCID opened at $18.48 on Monday. Lucid Group has a 52-week low of $15.25 and a 52-week high of $36.40. The firm has a market capitalization of $5.68 billion, a P/E ratio of -1.61 and a beta of 0.81. The stock has a 50 day moving average price of $20.89 and a 200-day moving average price of $23.02. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. During the same period last year, the business earned ($2.90) EPS. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. As a group, equities research analysts anticipate that Lucid Group will post -1.25 EPS for the current fiscal year.

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.