Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $3.71

Lucid Group, Inc. (NASDAQ:LCID) has received an average rating of “Reduce” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $3.71.

Several equities research analysts have weighed in on LCID shares. 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. Robert W. Baird reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday, September 12th.

Insider Buying and Selling

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 61.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its position in shares of Lucid Group by 34.0% in the 1st quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after purchasing an additional 227,908 shares during the period. Vanguard Group Inc. boosted its position in shares of Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after purchasing an additional 489,187 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Lucid Group by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock valued at $1,242,000 after purchasing an additional 23,752 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Lucid Group by 24.4% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,706,434 shares of the company’s stock valued at $7,184,000 after purchasing an additional 334,923 shares during the period. Finally, Caas Capital Management LP acquired a new position in shares of Lucid Group in the 4th quarter valued at $148,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Performance

Shares of LCID opened at $3.40 on Thursday. The business’s fifty day moving average price is $3.53 and its 200 day moving average price is $3.09. Lucid Group has a 12-month low of $2.29 and a 12-month high of $5.38. The stock has a market capitalization of $7.84 billion, a PE ratio of -2.68 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the prior year, the business earned ($0.40) earnings per share. Lucid Group’s quarterly revenue was up 32.9% on a year-over-year basis. Equities research analysts forecast that Lucid Group will post -1.28 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.