Lucid Group (NASDAQ:LCID) Given New $5.00 Price Target at Robert W. Baird

Lucid Group (NASDAQ:LCID) had its price objective cut by research analysts at Robert W. Baird from $6.00 to $5.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird‘s target price indicates a potential upside of 38.89% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Citigroup decreased their target price on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Royal Bank Of Canada reduced their price objective on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, October 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, Cantor Fitzgerald decreased their price target on Lucid Group from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $7.67.

Lucid Group Stock Up 9.4%

Shares of LCID opened at $3.60 on Tuesday. The business has a 50-day simple moving average of $3.83 and a two-hundred day simple moving average of $6.69. Lucid Group has a 52 week low of $2.37 and a 52 week high of $17.80. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -0.26 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, November 9th. The company reported ($2.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.03). The company had revenue of $350.32 million for the quarter, compared to analysts’ expectations of $395.67 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.65) earnings per share. On average, equities analysts anticipate that Lucid Group will post -12.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Lucid Group by 6.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock valued at $378,000 after buying an additional 2,520 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares in the last quarter. Allworth Financial LP raised its stake in shares of Lucid Group by 249.9% during the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after acquiring an additional 2,864 shares in the last quarter. IFP Advisors Inc lifted its position in Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after acquiring an additional 3,497 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock valued at $213,000 after acquiring an additional 4,485 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group News Roundup

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid secured an additional $1.75 billion in delayed-draw financing from Saudi Arabia’s Public Investment Fund, its largest shareholder. The added funding boosts liquidity as the company works through its turnaround. Reuters article
• Positive Sentiment: The company said quarterly cash consumption fell 30% sequentially, a sign of progress on cost and cash-flow initiatives. Lucid third-quarter results
• Neutral Sentiment: Lucid’s Q3 results were mixed across earnings measures: one estimate showed a narrower adjusted loss than expected, but reported EPS missed consensus and revenue of about $350 million was below analyst forecasts, despite growing year over year. Zacks earnings article
• Negative Sentiment: Production was cut to 2,954 vehicles, down 24% from the prior quarter, while deliveries of 3,806 missed expectations. Lower output reflects efforts to align production with demand, but also highlights execution and sales challenges. Production and demand article

Lucid Group Company Profile

Lucid Group, Inc designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company.

The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.

Lucid sells its vehicles in markets including North America, Europe and the Middle East.