Lucid Group, Inc. (NASDAQ:LCID) Receives Average Recommendation of "Reduce" from Brokerages

Key Points

• Lucid Group, Inc. has received an average recommendation of "Reduce" from thirteen brokerage firms, with three analysts issuing a sell rating and eight giving a hold rating.
• As of recent performance, Lucid's shares opened at $19.63, while the stock's 50-day moving average is $21.22 and the 200-day moving average is $23.18.
• The company reported a quarterly loss of ($2.80) EPS, missing analysts' estimates, and had revenue of $259.43 million, which was below the forecast of $288.10 million.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have been given an average recommendation of "Reduce" by the thirteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $24.24.

A number of analysts have recently commented on the company. Stifel Nicolaus set a $2.10 price target on Lucid Group in a research note on Friday, August 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lucid Group in a research note on Wednesday, October 8th. Morgan Stanley lifted their price target 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 price target on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th.

Lucid Group Stock Performance

NASDAQ:LCID opened at $19.63 on Monday. The stock's 50-day simple moving average is $21.22 and its 200 day simple moving average is $23.18. The firm has a market capitalization of $6.03 billion, a PE ratio of -1.71 and a beta of 0.81. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. Lucid Group has a twelve month low of $15.25 and a twelve month high of $36.40.

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after acquiring an additional 615,108 shares during the period. Geode Capital Management LLC lifted its stake in shares of Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock worth $47,784,000 after acquiring an additional 1,554,419 shares during the period. Marshall Wace LLP lifted its stake in shares of Lucid Group by 2,398.5% in 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Lucid Group by 39.2% in 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 period. Finally, Norges Bank acquired a new position in shares of Lucid Group in the second quarter worth approximately $16,469,000. 75.17% of the stock is 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.

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