Lucid Group, Inc. (NASDAQ:LCID) Receives $3.71 Consensus Price Target from Brokerages

Shares of Lucid Group, Inc. (NASDAQ:LCID) have earned a consensus recommendation of “Reduce” from the nine ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $3.71.

LCID has been the topic of a number of research reports. Stifel Nicolaus decreased their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Monday, August 19th. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Friday, August 16th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th.

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new position in Lucid Group in the fourth quarter valued at approximately $28,000. Capital Performance Advisors LLP purchased a new position in shares of Lucid Group in the 4th quarter valued at $43,000. MGO Private Wealth LLC purchased a new position in shares of Lucid Group in the 4th quarter valued at $43,000. Frank Rimerman Advisors LLC raised its stake in Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Finally, Meeder Advisory Services Inc. purchased a new stake in Lucid Group in the first quarter valued at $29,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Up 9.1 %

Shares of LCID opened at $4.20 on Wednesday. The company’s 50-day moving average price is $3.17 and its 200 day moving average price is $2.97. Lucid Group has a 12-month low of $2.29 and a 12-month high of $6.45. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a market cap of $9.69 billion, a P/E ratio of -3.31 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. Lucid Group’s revenue was up 32.9% on a year-over-year basis. During the same period last year, the firm posted ($0.40) earnings per share. On average, sell-side analysts forecast that Lucid Group will post -1.17 earnings per share for the current year.

Lucid Group Company Profile

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.