Lucid Group, Inc. (NASDAQ:LCID) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts have given Lucid Group, Inc. (NASDAQ:LCID) an average rating of "Hold", with two sell recommendations, eight holds, and two buys, as well as an average price target of $23.85.
• Institutional investors collectively hold 75.17% of Lucid Group's shares, with Marshall Wace LLP increasing its position by 2,398.5% in the second quarter.
• Lucid Group reported a loss of ($2.80) earnings per share in its last earnings announcement, missing estimates and showing a 29.3% increase in revenue year-over-year despite significant negative margins.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) has been given a consensus recommendation of "Hold" by the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $23.8545.

LCID has been the topic of several recent analyst reports. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Morgan Stanley lifted their target price on Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 2nd. Finally, Cantor Fitzgerald lifted their target price on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of LCID. Marshall Wace LLP increased its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the period. Norges Bank acquired a new position in shares of Lucid Group during the 2nd quarter valued at $16,469,000. Linden Advisors LP acquired a new position in shares of Lucid Group during the 2nd quarter valued at $9,885,000. Marex Group plc acquired a new position in shares of Lucid Group during the 2nd quarter valued at $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Up 3.3%

Shares of Lucid Group stock opened at $22.98 on Thursday. The business's fifty day moving average price is $22.59 and its two-hundred day moving average price is $23.20. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The company has a market capitalization of $7.06 billion, a P/E ratio of -2.00 and a beta of 0.78. Lucid Group has a 1-year low of $15.25 and a 1-year high of $37.30.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The business had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm's revenue was up 29.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.90) EPS. As a group, research analysts forecast that Lucid Group will post -1.25 EPS for the current year.

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.

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