Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $9.22

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned an average rating of “Reduce” from the twelve research firms that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $9.2222.

Several equities research analysts have recently commented on LCID shares. Citigroup reduced their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. William Blair downgraded shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC boosted its position in Lucid Group by 34.6% during the second quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock valued at $217,000 after purchasing an additional 8,347 shares in the last quarter. Engineers Gate Manager LP bought a new position in Lucid Group in the second quarter worth about $694,000. Integrated Wealth Concepts LLC bought a new position in Lucid Group in the second quarter worth about $129,000. IFP Advisors Inc lifted its position in shares of 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 buying an additional 3,497 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Price Performance

LCID opened at $4.16 on Thursday. Lucid Group has a 12-month low of $2.37 and a 12-month high of $25.23. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The business’s fifty day simple moving average is $5.95 and its 200-day simple moving average is $6.92. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -0.30 and a beta of 0.81.

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

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.