Lucid Group (NASDAQ:LCID – Free Report) had its target price cut by Stifel Nicolaus from $4.00 to $3.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a hold rating on the stock.
LCID has been the subject of a number of other reports. Needham & Company LLC restated a hold rating on shares of Lucid Group in a report on Tuesday. Citigroup restated a neutral rating and set a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Robert W. Baird decreased their price target on shares of Lucid Group from $6.00 to $4.00 and set a neutral rating for the company in a report on Thursday, February 22nd. Cantor Fitzgerald downgraded Lucid Group from a neutral rating to an underweight rating and decreased their target price for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Morgan Stanley reaffirmed an underweight rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $4.24.
Check Out Our Latest Stock Report on Lucid Group
Lucid Group Stock Down 0.7 %
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same quarter in the prior year, the firm earned ($0.43) earnings per share. The company’s revenue was up 15.6% on a year-over-year basis. Equities research analysts anticipate that Lucid Group will post -1.06 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in LCID. Alps Advisors Inc. increased its holdings in Lucid Group by 19.8% during the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after buying an additional 546,676 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock worth $23,562,000 after purchasing an additional 410,025 shares in the last quarter. Fulton Bank N.A. increased its stake in shares of Lucid Group by 46.5% in the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after purchasing an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after purchasing an additional 1,060,588 shares in the last quarter. Finally, Invesco Ltd. increased its stake 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 worth $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. 75.17% of the stock is owned by institutional investors.
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.
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