Lucid Group, Inc. (NASDAQ:LCID) Stock Has Average Price Target of $8.67 According to Analysts

Key Points

• Analysts are broadly cautious on Lucid Group: Thirteen firms give the stock an average “Reduce” rating, with three sells, nine holds, and one buy. The average 12-month price target is $8.67.
• Lucid shares opened at $3.20, well below the analyst consensus target, with a market capitalization of approximately $1.26 billion and a 52-week range of $2.37 to $18.10.
• The company missed quarterly EPS expectations, reporting a loss of $2.78 per share versus the $2.36 consensus, though revenue rose 56.2% year over year to $405.35 million and exceeded forecasts.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have earned an average rating of "Reduce" from the thirteen ratings firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $8.67.

Several research analysts have commented on the stock. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research note on Monday, October 12th. Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, August 19th. Morgan Stanley decreased their price objective on Lucid Group from $5.00 to $3.00 and set an "underweight" rating on the stock in a report on Thursday, October 15th. Zacks Research raised Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Finally, UBS Group reissued a "hold" rating on shares of Lucid Group in a research note on Tuesday, October 6th.

Lucid Group Price Performance

Shares of LCID stock opened at $3.20 on Friday. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -0.23 and a beta of 1.00. Lucid Group has a 1 year low of $2.37 and a 1 year high of $18.10. The company's fifty day simple moving average is $4.11 and its two-hundred day simple moving average is $6.95.

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

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Bank of America Corp DE grew its position in shares of Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock worth $18,289,000 after buying an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Lucid Group in the second quarter worth $3,125,000. Lazard Asset Management LLC lifted its stake in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock worth $2,904,000 after acquiring an additional 200,604 shares during the period. Calamos Advisors LLC boosted its holdings in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock valued at $2,144,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Lucid Group in the second quarter valued at $1,368,000. Institutional investors own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid's vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.

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