Lucid Group, Inc. (NASDAQ:LCID) Stock Rated "Reduce" by Wall Street Brokerages

Key Points

• Analyst sentiment is negative: Twelve brokerages give Lucid Group an average “Reduce” rating, with three sells, eight holds and one buy. The average 12-month price target is $9.22, though several analysts recently lowered targets or maintained neutral ratings.
• Lucid’s stock remains under pressure: Shares opened at $4.13, below both the 50-day average of $5.37 and 200-day average of $6.33, with a one-year range of $2.37 to $25.23.
• Financial results remain challenging: Lucid reported a quarterly loss of $2.78 per share, worse than the expected $2.36 loss, despite revenue of $405.35 million exceeding estimates and rising 56.2% year over year. Analysts expect a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) has received an average recommendation of "Reduce" from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $9.22.

A number of research analysts recently commented on LCID shares. William Blair lowered shares of Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Royal Bank Of Canada restated a "sector perform" rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday, September 21st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, September 21st. Finally, Citigroup decreased their price objective on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, August 19th.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. HBK Investments L P boosted its holdings in Lucid Group by 217.9% in the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company's stock valued at $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC raised its holdings in Lucid Group by 34.6% in the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company's stock valued at $217,000 after acquiring an additional 8,347 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Lucid Group during the 2nd quarter valued at $694,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Lucid Group during the 2nd quarter worth $129,000. Finally, IFP Advisors Inc grew its holdings in shares of Lucid Group by 1,231.3% during the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock worth $25,000 after purchasing an additional 3,497 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

Lucid Group Price Performance

LCID stock opened at $4.13 on Monday. The company has a fifty day moving average price of $5.37 and a two-hundred day moving average price of $6.33. Lucid Group has a one year low of $2.37 and a one year high of $25.23. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -0.30 and a beta of 1.00.

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 analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. Lucid Group's revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the firm 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 an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid's product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.

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