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

Shares of Lucid Group, Inc. (NASDAQ:LCID) have been assigned a consensus recommendation of “Reduce” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One investment 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 brokerages that have covered the stock in the last year is $3.71.

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

Insider Buying and Selling at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the completion of the transaction, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after buying an additional 581,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after buying an additional 732,463 shares during the last quarter. Van ECK Associates Corp grew its holdings in Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after acquiring an additional 227,908 shares during the period. Finally, Rhumbline Advisers raised its position in Lucid Group by 6.8% during the second quarter. Rhumbline Advisers now owns 741,822 shares of the company’s stock valued at $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Up 0.3 %

LCID opened at $3.28 on Thursday. Lucid Group has a 12 month low of $2.29 and a 12 month high of $5.31. The stock has a fifty day moving average price of $3.55 and a 200-day moving average price of $3.10. The firm has a market cap of $7.57 billion, a price-to-earnings ratio of -2.58 and a beta of 1.04. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last announced its earnings results 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 return on equity of 55.35% and a negative net margin of 390.39%. The firm had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Lucid Group will post -1.28 earnings per share 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.