Lucid Group, Inc. (NASDAQ:LCID) Receives $4.24 Consensus Price Target from Brokerages

Lucid Group, Inc. (NASDAQ:LCID) has been given a consensus recommendation of “Reduce” by the ten analysts that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $4.24.

A number of analysts recently weighed in on the stock. Citigroup reaffirmed a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Cantor Fitzgerald reissued an “underweight” rating and set a $4.00 target price on shares of Lucid Group in a research note on Monday. Morgan Stanley reissued an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Finally, Stifel Nicolaus lowered their target price on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th.

Hedge Funds Weigh In On Lucid Group

Large investors have recently made changes to their positions in the business. Northern Trust Corp boosted its holdings in shares of Lucid Group by 13.8% in the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after buying an additional 631,728 shares during the period. Teza Capital Management LLC acquired a new position in shares of Lucid Group in the third quarter worth about $87,000. Insigneo Advisory Services LLC acquired a new position in shares of Lucid Group in the third quarter worth about $84,000. AXQ Capital LP boosted its holdings in shares of Lucid Group by 181.6% in the third quarter. AXQ Capital LP now owns 32,100 shares of the company’s stock worth $179,000 after buying an additional 20,700 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in shares of Lucid Group by 19.8% in the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after buying an additional 546,676 shares during the period. Institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Up 7.3 %

LCID stock opened at $2.95 on Tuesday. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. Lucid Group has a fifty-two week low of $2.29 and a fifty-two week high of $8.37. The firm’s 50-day simple moving average is $2.72 and its 200 day simple moving average is $3.03. The stock has a market cap of $6.81 billion, a PE ratio of -2.32 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same period last year, the business earned ($0.43) EPS. The firm’s revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts predict that Lucid Group will post -1.16 EPS for the current year.

About Lucid Group

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.