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

Lucid Group, Inc. (NASDAQ:LCID) has received a consensus recommendation of “Reduce” from the twelve brokerages that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $18.9222.

LCID has been the subject of a number of recent research reports. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Robert W. Baird set a $14.00 price objective on Lucid Group in a report on Tuesday, January 6th.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently bought and sold shares of the company. HITE Hedge Asset Management LLC bought a new position in shares of Lucid Group during the third quarter worth $212,000. Johnson & White Wealth Management LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at $238,000. Sapient Capital LLC acquired a new stake in Lucid Group during the 3rd quarter worth $287,000. Valeo Financial Advisors LLC lifted its holdings in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in Lucid Group by 315.0% during the third quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock worth $290,000 after acquiring an additional 9,258 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Up 3.4%

Shares of LCID opened at $11.00 on Wednesday. The stock’s fifty day simple moving average is $11.79 and its 200-day simple moving average is $18.02. The firm has a market capitalization of $3.57 billion, a PE ratio of -1.03 and a beta of 0.89. Lucid Group has a 12-month low of $9.50 and a 12-month high of $35.90. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $378.44 million. During the same quarter in the previous year, the business earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. As a group, research analysts predict that Lucid Group will post -1.25 earnings per share for the current year.

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.