Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $21.54

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given an average recommendation of “Reduce” by the eleven analysts that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $19.5375.

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Robert W. Baird set a $14.00 target price on Lucid Group in a research report on Tuesday. Stifel Nicolaus lowered their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th.

Institutional Investors Weigh In On Lucid Group

Large investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL purchased a new position in Lucid Group in the 3rd quarter worth $1,361,978,000. Geode Capital Management LLC increased its holdings in shares of Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after purchasing an additional 1,554,419 shares during the period. Uber Technologies Inc purchased a new position in shares of Lucid Group in the third quarter worth about $326,283,000. Marshall Wace LLP lifted its holdings in shares of Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Price Performance

LCID opened at $11.33 on Friday. The business’s 50-day moving average is $13.04 and its two-hundred day moving average is $18.91. Lucid Group has a 1 year low of $10.45 and a 1 year high of $35.90. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The firm has a market capitalization of $3.67 billion, a PE ratio of -1.06 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period in the previous year, the company posted ($2.76) earnings per share. The business’s quarterly revenue was up 68.3% compared to the same quarter last year. Research analysts anticipate that Lucid Group will post -1.25 earnings per share for the current fiscal year.

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.