Lucid Group, Inc. (NASDAQ:LCID) Receives Consensus Recommendation of “Reduce” from Analysts

Lucid Group, Inc. (NASDAQ:LCID) has received an average rating of “Reduce” from the nine ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $3.71.

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Monday, September 9th.

Insider Transactions at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 61.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its stake in Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after buying an additional 227,908 shares during the period. Vanguard Group Inc. boosted its stake in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after buying an additional 489,187 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Lucid Group by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after buying an additional 195,519 shares during the last quarter. Ieq Capital LLC acquired a new position in Lucid Group during the fourth quarter worth $105,000. Finally, Private Advisor Group LLC raised its position in Lucid Group by 36.2% in the fourth quarter. Private Advisor Group LLC now owns 121,305 shares of the company’s stock valued at $511,000 after purchasing an additional 32,267 shares during the period. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $3.94 on Friday. The firm has a 50 day moving average of $3.53 and a 200-day moving average of $3.02. Lucid Group has a 12 month low of $2.29 and a 12 month high of $6.12. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $9.09 billion, a PE ratio of -3.10 and a beta of 1.05.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the company posted ($0.40) earnings per share. The company’s quarterly revenue was up 32.9% on a year-over-year basis. On average, equities research analysts predict that Lucid Group will post -1.22 EPS for the current fiscal year.

About Lucid Group

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.