Lucid Group (NASDAQ:LCID) Raised to “Hold” at Zacks Research

Lucid Group (NASDAQ:LCID) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research report on Tuesday, January 6th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $10.00 price target on shares of Lucid Group in a research note on Wednesday, February 25th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and reduced their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Stifel Nicolaus dropped their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Finally, Cantor Fitzgerald cut their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $12.50.

Lucid Group Stock Down 0.7%

NASDAQ:LCID traded down $0.07 during trading hours on Thursday, hitting $9.77. The stock had a trading volume of 5,225,645 shares, compared to its average volume of 6,632,383. The company has a market cap of $3.20 billion, a PE ratio of -0.81 and a beta of 1.12. The business has a 50 day simple moving average of $10.53 and a two-hundred day simple moving average of $15.14. Lucid Group has a 1-year low of $9.12 and a 1-year high of $33.70. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The firm had revenue of $522.73 million during the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. Lucid Group’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.22) earnings per share. Analysts predict that Lucid Group will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new stake in Lucid Group during the fourth quarter valued at approximately $77,000. Alpine Global Management LLC increased its holdings in shares of Lucid Group by 561.7% in the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after acquiring an additional 19,660 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at approximately $1,355,000. Invesco Ltd. raised its position in shares of Lucid Group by 61.6% during the 4th quarter. Invesco Ltd. now owns 499,053 shares of the company’s stock valued at $5,275,000 after acquiring an additional 190,193 shares in the last quarter. Finally, Corient Private Wealth LLC bought a new position in Lucid Group during the fourth quarter worth $118,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.