Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $4.80

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus recommendation of “Reduce” from the ten analysts that are covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $4.34.

LCID has been the subject of a number of research analyst reports. Bank of America dropped their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird decreased their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Stifel Nicolaus dropped their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of LCID. Vanguard Group Inc. lifted its stake in Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares in the last quarter. Norges Bank bought a new position in Lucid Group during the 4th quarter worth about $22,208,000. Hsbc Holdings PLC raised its stake in shares of Lucid Group by 496.8% in the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock valued at $9,587,000 after purchasing an additional 1,900,730 shares during the period. Invesco Ltd. lifted its holdings in shares of Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Lucid Group in the third quarter worth $6,230,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Trading Down 2.9 %

Shares of LCID opened at $2.38 on Thursday. The stock has a 50 day simple moving average of $2.93 and a 200-day simple moving average of $3.66. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. The stock has a market cap of $5.47 billion, a PE ratio of -1.70 and a beta of 1.01. Lucid Group has a 1 year low of $2.31 and a 1 year high of $8.37.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s quarterly revenue was down 39.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.40) earnings per share. On average, sell-side analysts predict that Lucid Group will post -1.06 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.