Lucid Group (NASDAQ:LCID) Raised to “Hold” at Zacks Research

Lucid Group (NASDAQ:LCID) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on LCID. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday, August 3rd. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. TD Cowen dropped their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. William Blair lowered Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, Evercore set a $6.00 price objective on Lucid Group in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Stock Performance

NASDAQ:LCID opened at $5.92 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. Lucid Group has a twelve month low of $2.37 and a twelve month high of $25.23. The company has a fifty day moving average of $6.26 and a 200-day moving average of $7.61. The firm has a market capitalization of $2.33 billion, a P/E ratio of -0.43 and a beta of 0.83.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm’s revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.24) earnings per share. As a group, sell-side analysts anticipate that Lucid Group will post -12.15 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its position in Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Lucid Group during the 4th quarter worth $67,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Lucid Group during the 4th quarter worth $77,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Lucid Group in the 4th quarter worth about $86,000. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of Lucid Group in the 3rd quarter worth about $212,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Company Profile

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.