Lucid Group (NASDAQ:LCID) Price Target Lowered to $11.00 at Citigroup

Key Points

• Citigroup lowered Lucid Group’s price target to $11 from $14 but maintained a “buy” rating, implying approximately 88.5% upside from the stock’s $5.83 price.
• Analyst sentiment remains cautious: Lucid has a consensus “reduce” rating and an average price target of $9.22, with one Buy, seven Hold, and four Sell ratings.
• Lucid’s latest quarter showed revenue of $405.35 million, above expectations, but it missed on earnings with a loss of $2.78 per share; analysts expect a full-year loss of $12.15 per share.

Lucid Group (NASDAQ:LCID - Get Free Report) had its price target decreased by investment analysts at Citigroup from $14.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price would suggest a potential upside of 88.52% from the stock's current price.

Several other brokerages have also weighed in on LCID. Benchmark lowered Lucid Group from a "buy" rating to a "hold" rating in a report on Wednesday, May 6th. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. William Blair downgraded shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a research note on Wednesday, May 6th. Finally, Zacks Research cut shares of Lucid Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $9.22.

Lucid Group Stock Up 1.1%

LCID stock traded up $0.07 during midday trading on Wednesday, hitting $5.83. 6,933,659 shares of the company's stock were exchanged, compared to its average volume of 13,801,313. The firm has a 50 day moving average price of $6.24 and a 200-day moving average price of $7.65. Lucid Group has a 12-month low of $2.37 and a 12-month high of $25.23. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -0.42 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

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

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in the company. Jain Global LLC increased its holdings in shares of Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company's stock worth $108,000 after buying an additional 1,200 shares during the period. The Manufacturers Life Insurance Company lifted its position in Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company's stock valued at $393,000 after buying an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company's stock valued at $144,000 after purchasing an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Lucid Group by 9.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company's stock worth $190,000 after purchasing an additional 1,569 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Lucid Group by 16.0% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company's stock worth $123,000 after buying an additional 1,604 shares in the last quarter. Institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source