Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of “Reduce” by Brokerages

Lucid Group, Inc. (NASDAQ:LCID) has been assigned an average recommendation of “Reduce” from the nine research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $3.54.

LCID has been the subject of a number of research reports. Robert W. Baird restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $4.00 target price on shares of Lucid Group in a research report on Tuesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $2.20 on Monday. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average price is $3.34 and its two-hundred day moving average price is $3.09. The company has a market cap of $5.14 billion, a PE ratio of -1.82 and a beta of 1.11. Lucid Group has a twelve month low of $2.20 and a twelve month high of $5.31.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter last year, the company posted ($0.40) EPS. The firm’s revenue was up 32.9% on a year-over-year basis. On average, analysts predict that Lucid Group will post -1.22 EPS for the current year.

Insider Buying and Selling

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the transaction, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of LCID. Pine Valley Investments Ltd Liability Co increased its position in Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after buying an additional 3,715 shares in the last quarter. Heritage Wealth Advisors boosted its holdings in shares of Lucid Group by 53.3% during the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in shares of Lucid Group by 5.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock valued at $236,000 after acquiring an additional 4,350 shares in the last quarter. Finally, Greenleaf Trust grew its position in Lucid Group by 22.0% during the 3rd quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock worth $90,000 after acquiring an additional 4,604 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.