Lucid Group (NASDAQ:LCID) Stock Rating Reaffirmed by Citigroup

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating restated by equities researchers at Citigroup in a report released on Monday, MarketBeat Ratings reports. They presently have a $2.90 price target on the stock. Citigroup’s price objective indicates a potential upside of 15.08% from the stock’s current price.

Several other research firms have also issued reports on LCID. Bank of America decreased their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus reduced their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.34.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $2.52 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -1.80 and a beta of 1.01. Lucid Group has a 12 month low of $2.29 and a 12 month high of $8.37. The stock’s 50 day moving average price is $2.92 and its 200 day moving average price is $3.64.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.40) EPS. Equities research analysts anticipate that Lucid Group will post -1.06 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares in the last quarter. Invesco Ltd. raised its holdings in Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after buying an additional 1,763,443 shares in the last quarter. Norges Bank bought a new position in Lucid Group during the fourth quarter valued at about $22,208,000. Finally, Northern Trust Corp raised its holdings in Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after buying an additional 631,728 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.