Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $9.67

Lucid Group, Inc. (NASDAQ:LCID) has been given an average rating of “Reduce” by the eleven brokerages that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $9.6667.

LCID has been the subject of several research reports. Evercore set a $6.00 target price on shares of Lucid Group in a report on Monday, May 11th. Citigroup restated a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada dropped their price target on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Finally, Morgan Stanley set a $5.00 price target on shares of Lucid Group in a research note on Wednesday, May 6th.

Lucid Group Stock Down 10.0%

Lucid Group stock opened at $5.11 on Tuesday. Lucid Group has a fifty-two week low of $5.09 and a fifty-two week high of $33.70. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The firm has a 50 day moving average price of $7.10 and a 200 day moving average price of $9.72. The company has a market capitalization of $1.99 billion, a PE ratio of -0.39 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, May 5th. The company reported ($2.82) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.29). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million during the quarter, compared to analyst estimates of $358.46 million. During the same quarter last year, the business posted ($0.20) EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts expect that Lucid Group will post -10.75 earnings per share 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 grew its stake in shares of 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 acquiring an additional 2,740 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Lucid Group during the 4th quarter worth $67,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Lucid Group during the 4th quarter worth $77,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Lucid Group during the 4th quarter worth $86,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Lucid Group during the 3rd quarter worth $212,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group News Roundup

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: One note argued Lucid is deeply oversold and suggested the stock could rebound sharply if sentiment improves. Lucid Stock Is Deeply Oversold and We See 45% Gains Ahead
• Positive Sentiment: Lucid shareholders approved expanded 2021 equity incentive plans at the annual meeting, which may help the company retain and motivate employees. Lucid Shareholders Approve Expanded 2021 Equity Incentive Plans
• Neutral Sentiment: Lucid remains part of a three-way robotaxi agreement involving Uber and Nuro, which keeps its EV platform in a strategic mobility story, though the immediate stock impact is unclear. Uber reportedly commits $500m to robotaxi startup Nuro
• Negative Sentiment: A series of law firms, including Rosen, Wolf Haldenstein, Howard G. Smith, Pomerantz, Bernstein Liebhard, and others, announced or promoted class-action lawsuits and investigation notices against Lucid, creating a significant legal overhang and signaling possible investor concern about prior disclosures and financial results. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
• Negative Sentiment: Recent commentary also highlighted leadership-transition and execution risks after Lucid appointed Silvio Napoli as CEO, with the stock facing renewed scrutiny over transparency and operational issues. Lucid Group CEO Shift Tests Execution, Transparency And Legal Risk

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.