Lucid Group (NASDAQ:LCID) Downgraded by Zacks Investment Research to “Sell”

Lucid Group (NASDAQ:LCID) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Lucid Group Inc. is an automotive company which specializes in electric cars. Lucid Group Inc., formerly known as Churchill Capital Corp IV, is headquartered in Newark, California. “

Other equities analysts also recently issued reports about the company. BTIG Research began coverage on Lucid Group in a research report on Monday, November 8th. They set a “buy” rating and a $14.00 target price on the stock. Bank of America raised their price target on Lucid Group from $30.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 10th. They noted that the move was a valuation call. Citigroup raised their price target on Lucid Group from $28.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, November 16th. Finally, Morgan Stanley raised their price target on Lucid Group from $12.00 to $16.00 and gave the company an “underweight” rating in a report on Wednesday, November 17th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of 36.75.

NASDAQ LCID opened at 52.57 on Wednesday. The firm’s fifty day moving average is 33.20. Lucid Group has a fifty-two week low of 9.70 and a fifty-two week high of 64.86.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, November 15th. The company reported -0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of -0.22 by -0.19. The company had revenue of 0.23 million during the quarter. As a group, equities analysts anticipate that Lucid Group will post -1.75 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the business. Vigilant Capital Management LLC bought a new stake in shares of Lucid Group in the third quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Lucid Group in the third quarter worth about $25,000. Focused Wealth Management Inc bought a new stake in shares of Lucid Group in the third quarter worth about $26,000. Allworth Financial LP bought a new stake in shares of Lucid Group in the third quarter worth about $31,000. Finally, Moors & Cabot Inc. bought a new stake in shares of Lucid Group in the third quarter worth about $31,000. 1.08% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Churchill Capital Corp IV was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Further Reading: What is systematic risk?

Get a free copy of the Zacks research report on Lucid Group (LCID)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Lucid Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lucid Group and related companies with MarketBeat.com's FREE daily email newsletter.