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

Key Points

• Lucid Group, Inc. has received an average analyst recommendation of "Hold", with two sell ratings, eight holds, and two buy ratings from a total of twelve brokerages.
• The average 12-month price target for Lucid Group's stock is approximately $25.94, with notable recent downgrades including a reduction from $30 to $21 by Stifel Nicolaus.
• Lucid Group is planning a 1-10 reverse stock split that will take effect before the market opens on September 2, 2023.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have received an average recommendation of "Hold" from the twelve brokerages that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $25.9364.

Several equities analysts have recently weighed in on LCID shares. Cantor Fitzgerald restated a "neutral" rating and issued a $30.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Stifel Nicolaus cut their target price on shares of Lucid Group from $30.00 to $21.00 and set a "hold" rating for the company in a research note on Friday.

Lucid Group Stock Down 4.3%

Shares of NASDAQ LCID traded down $0.09 during mid-day trading on Friday, hitting $1.98. The company had a trading volume of 129,217,216 shares, compared to its average volume of 79,787,672. The company has a market capitalization of $6.08 billion, a PE ratio of -1.72 and a beta of 0.79. The firm has a 50-day simple moving average of $23.34 and a two-hundred day simple moving average of $24.07. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. Lucid Group has a one year low of $1.93 and a one year high of $4.28.

Lucid Group's stock is going to reverse split on the morning of Tuesday, September 2nd. The 1-10 reverse split was announced on Thursday, August 21st. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 29th.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $259.43 million during 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%. Lucid Group's revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.90) EPS. On average, equities analysts expect that Lucid Group will post -1.25 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after purchasing an additional 615,108 shares during the last quarter. Geode Capital Management LLC lifted its stake in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock valued at $47,784,000 after purchasing an additional 1,554,419 shares during the last quarter. Two Sigma Investments LP lifted its stake in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Marshall Wace LLP lifted its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.