Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Rating of “Reduce” by Brokerages

Lucid Group, Inc. (NASDAQ:LCID) has earned an average recommendation of “Reduce” from the eleven analysts that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $21.5375.

Several equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 1st. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Stifel Nicolaus reduced their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th.

Lucid Group Price Performance

Shares of LCID stock opened at $12.76 on Tuesday. Lucid Group has a 12-month low of $11.46 and a 12-month high of $36.40. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of -1.19 and a beta of 0.87. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The firm has a fifty day moving average of $17.43 and a 200-day moving average of $20.87.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the business posted ($2.76) EPS. The business’s quarterly revenue was up 68.3% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. HITE Hedge Asset Management LLC acquired a new position in shares of Lucid Group during the third quarter worth about $212,000. Johnson & White Wealth Management LLC acquired a new position in Lucid Group during the 3rd quarter worth approximately $238,000. Integrity Alliance LLC. bought a new position in shares of Lucid Group during the 1st quarter worth approximately $27,000. Sapient Capital LLC acquired a new stake in shares of Lucid Group in the third quarter valued at approximately $287,000. Finally, Valeo Financial Advisors LLC raised its holdings in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.