Lucid Group (NASDAQ:LCID) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Lucid Group (NASDAQ:LCID) in a research report sent to investors on Wednesday, Benzinga reports.

LCID has been the subject of several other reports. Robert W. Baird reissued a neutral rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. 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. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $3.00 price target on shares of Lucid Group in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $3.71.

Lucid Group Trading Up 0.8 %

LCID opened at $3.94 on Wednesday. Lucid Group has a 12 month low of $2.29 and a 12 month high of $6.12. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of -3.10 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The business has a fifty day moving average price of $3.53 and a 200 day moving average price of $3.02.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the firm earned ($0.40) earnings per share. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. Sell-side analysts expect that Lucid Group will post -1.22 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in shares of Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after purchasing an additional 227,908 shares during the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after acquiring an additional 195,519 shares during the last quarter. Ieq Capital LLC purchased a new stake in Lucid Group during the 4th quarter valued at approximately $105,000. Finally, Private Advisor Group LLC raised its stake in Lucid Group by 36.2% during the 4th quarter. Private Advisor Group LLC now owns 121,305 shares of the company’s stock valued at $511,000 after acquiring an additional 32,267 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.