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

Lucid Group, Inc. (NASDAQ:LCID) has been given a consensus rating of “Reduce” by the nine analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $3.71.

Several equities analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a report on Monday, September 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $3.49 on Friday. The firm has a market capitalization of $8.05 billion, a PE ratio of -2.75 and a beta of 1.05. 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 has a 12 month low of $2.29 and a 12 month high of $5.70. The business’s 50-day moving average price is $3.55 and its 200-day moving average price is $3.04.

Lucid Group (NASDAQ:LCID) last issued its quarterly 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). The business had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm’s revenue was up 32.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.40) earnings per share. Sell-side analysts forecast that Lucid Group will post -1.22 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In related news, SVP Eric Bach sold 89,959 shares of the business’s 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 owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of LCID. Sanctuary Advisors LLC bought a new stake in Lucid Group during the 2nd quarter valued at approximately $26,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group during the second quarter valued at approximately $27,000. Frank Rimerman Advisors LLC boosted its position in shares of Lucid Group by 925.0% during the second quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in Lucid Group in the first quarter worth $29,000. Finally, Norden Group LLC bought a new position in Lucid Group in the first quarter worth $32,000. 75.17% of the stock is owned by institutional investors.

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.