Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $3.54

Lucid Group, Inc. (NASDAQ:LCID) has received an average rating of “Reduce” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and eight have assigned a hold recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $3.54.

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

Insider Buying and Selling at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Public Investment Fund purchased 374,717,927 shares of Lucid Group stock in a transaction dated Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This trade represents a -100.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Bach sold 89,959 shares of the business’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 completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at about $26,000. Accredited Investors Inc. bought a new position in Lucid Group in the second quarter worth about $27,000. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% in the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after acquiring an additional 9,250 shares during the period. Meeder Advisory Services Inc. bought a new position in shares of Lucid Group during the first quarter valued at approximately $29,000. Finally, Norden Group LLC acquired a new stake in shares of Lucid Group during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Down 5.3 %

LCID opened at $2.13 on Monday. The firm has a market cap of $4.98 billion, a P/E ratio of -1.71 and a beta of 1.11. The business’s fifty day simple moving average is $3.27 and its 200 day simple moving average is $3.09. Lucid Group has a 52 week low of $2.02 and a 52 week high of $5.31. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS 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 analysts’ expectations of $190.30 million. During the same period in the prior year, the firm earned ($0.40) EPS. Lucid Group’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, equities research analysts anticipate that Lucid Group will post -1.22 EPS for the current fiscal 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.