Lucid Group (NASDAQ:LCID) Earns Neutral Rating from Citigroup

Citigroup reissued their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a report released on Monday morning, MarketBeat Ratings reports. The firm currently has a $2.90 price target on the stock.

A number of other research analysts also recently weighed in on the company. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a neutral rating on the stock in a research note on Thursday, February 22nd. Stifel Nicolaus cut their price target on Lucid Group from $5.00 to $4.00 and set a hold rating on the stock in a research note on Monday, February 26th. Morgan Stanley reissued an underweight rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Cantor Fitzgerald downgraded Lucid Group from a neutral rating to an underweight rating and cut their price target for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Finally, Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a neutral rating on the stock in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of Hold and a consensus target price of $4.34.

Lucid Group Stock Up 1.2 %

Shares of LCID opened at $2.55 on Monday. The company has a market capitalization of $5.87 billion, a P/E ratio of -1.82 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. Lucid Group has a one year low of $2.29 and a one year high of $8.37. The business’s 50 day simple moving average is $2.90 and its 200-day simple moving average is $3.63.

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

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. Vanguard Group Inc. increased its holdings in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing 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 increased its holdings in Lucid Group by 496.8% during the 4th quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock worth $9,587,000 after purchasing an additional 1,900,730 shares in the last quarter. Invesco Ltd. increased its holdings in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Finally, Jump Financial LLC bought a new position in Lucid Group during the 3rd quarter worth about $6,230,000. 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.