Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of "Reduce" by Analysts

Key Points

• Analysts have a consensus “Reduce” rating on Lucid Group, with three sell ratings, eight holds and one buy. The average 12-month price target is $9.22.
• Institutional investors and hedge funds own 75.17% of Lucid’s stock, with several major firms—including Goldman Sachs and AQR Capital Management—recently increasing their positions.
• Lucid shares opened at $4.27 after declining 7.8%; the company recently missed quarterly earnings expectations, reporting a $2.78 per-share loss despite revenue of $405.35 million, up 56.2% year over year.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have earned a consensus recommendation of "Reduce" from the twelve analysts that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $9.2222.

A number of equities research analysts have recently issued reports on LCID shares. William Blair lowered Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Citigroup reduced their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday, August 3rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a research note on Wednesday, June 24th.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company's stock worth $267,000 after buying an additional 9,578 shares during the period. AQR Capital Management LLC boosted its position in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company's stock valued at $1,226,000 after buying an additional 254,551 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock valued at $92,000 after acquiring an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company's stock worth $268,000 after acquiring an additional 11,252 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Down 7.8%

Shares of NASDAQ LCID opened at $4.27 on Thursday. Lucid Group has a 12-month low of $2.37 and a 12-month high of $25.23. The company has a market cap of $1.68 billion, a P/E ratio of -0.31 and a beta of 0.81. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The stock has a fifty day moving average price of $6.08 and a 200 day moving average price of $7.04.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company's revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period last year, the business earned ($0.24) earnings per share. Research analysts anticipate that Lucid Group will post -12.15 EPS for the current fiscal year.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

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