Lucid Group’s (LCID) “Hold” Rating Reaffirmed at Needham & Company LLC

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports.

LCID has been the topic of a number of other research reports. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a research note on Tuesday, October 8th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.54.

Lucid Group Trading Up 3.6 %

NASDAQ LCID opened at $2.30 on Friday. Lucid Group has a 52 week low of $2.02 and a 52 week high of $5.31. The company has a 50 day moving average price of $3.20 and a 200 day moving average price of $3.08. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59. The firm has a market cap of $5.38 billion, a PE ratio of -1.83 and a beta of 1.11.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the prior year, the company posted ($0.40) EPS. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, sell-side analysts forecast that Lucid Group will post -1.22 EPS for the current fiscal year.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund bought 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now directly 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Public Investment Fund bought 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. The trade was a -100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the transaction, the senior vice president now 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. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in 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 valued at $6,951,000 after purchasing an additional 732,463 shares during the period. Bank of New York Mellon Corp grew its stake in Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after acquiring an additional 581,082 shares during the period. Vanguard Group Inc. increased its holdings in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Janus Henderson Group PLC raised its position in Lucid Group by 946.6% during the first quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after acquiring an additional 474,534 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Lucid Group by 226.4% during the first quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock valued at $1,238,000 after purchasing an additional 301,349 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.