Lucid Group, Inc. (NASDAQ:LCID) Stock Has Consensus Target Price of $8.67 According to Analysts

Lucid Group, Inc. (NASDAQ:LCID) has earned a consensus recommendation of “Reduce” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $8.67.

LCID has been the topic of several research reports. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Morgan Stanley cut their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. Finally, UBS Group restated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in shares of Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares in the last quarter. Allworth Financial LP boosted its position in Lucid Group by 249.9% during the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares during the period. EverSource Wealth Advisors LLC grew its position in Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares during the last quarter. Nykredit A S bought a new position in shares of Lucid Group in the second quarter worth about $47,000. Finally, CX Institutional grew its stake in shares of Lucid Group by 69.6% during the second quarter. CX Institutional now owns 13,207 shares of the company’s stock valued at $88,000 after buying an additional 5,422 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Price Performance

NASDAQ:LCID opened at $3.02 on Friday. The stock’s 50 day moving average price is $4.06 and its 200 day moving average price is $6.91. The company has a market capitalization of $1.19 billion, a PE ratio of -0.22 and a beta of 0.80. Lucid Group has a 52-week low of $2.37 and a 52-week high of $18.10.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to analyst estimates 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 business’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.24) EPS. As a group, sell-side analysts anticipate that Lucid Group will post -12.15 EPS for the current fiscal year.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.