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

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been given an average recommendation of “Reduce” by the eleven brokerages that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $21.5375.

Several research analysts have commented on LCID shares. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus decreased their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the third quarter worth about $1,361,978,000. Geode Capital Management LLC lifted its position in Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after acquiring an additional 1,554,419 shares during the period. Uber Technologies Inc acquired a new stake in Lucid Group during the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP grew its stake in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Price Performance

Shares of LCID opened at $11.15 on Friday. Lucid Group has a 1-year low of $10.45 and a 1-year high of $36.40. The stock has a market cap of $3.61 billion, a PE ratio of -1.04 and a beta of 0.89. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The firm has a fifty day moving average price of $13.70 and a 200 day moving average price of $19.27.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (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 firm had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period in the previous year, the business posted ($2.76) EPS. The business’s revenue for the quarter was up 68.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lucid Group will post -1.25 EPS for the current year.

About Lucid Group

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.