Lucid Group (NASDAQ:LCID) Stock Rating Upgraded by Zacks Research

Lucid Group (NASDAQ:LCID) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Citigroup reduced their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a report on Wednesday, May 6th. William Blair lowered shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $9.22.

Lucid Group Price Performance

LCID stock opened at $5.92 on Tuesday. The stock has a 50-day moving average price of $6.26 and a two-hundred day moving average price of $7.61. Lucid Group has a 1 year low of $2.37 and a 1 year high of $25.23. The stock has a market cap of $2.33 billion, a PE ratio of -0.43 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.24) earnings per share. Equities analysts forecast that Lucid Group will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC boosted its holdings in shares of Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after buying an additional 200,604 shares during the period. Bank of America Corp DE grew its stake in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after buying an additional 189,134 shares during the last quarter. Vanguard Group Inc. raised its holdings in Lucid Group by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after acquiring an additional 701,826 shares during the period. Virtu Financial LLC acquired a new stake in Lucid Group during the fourth quarter worth approximately $1,355,000. Finally, Edgestream Partners L.P. acquired a new stake in Lucid Group during the first quarter worth approximately $976,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.