Lucid Group (NASDAQ:LCID) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Lucid Group (NASDAQ:LCID) from a "strong sell" to a "hold" in a research note issued Thursday.
• Analysts remain mixed — one Buy, five Hold and three Sell — producing an average rating of “Reduce” and an average price target of $12.50.
• Lucid's latest quarter showed revenue of $522.7M (above estimates) but an EPS loss of ($3.08) that missed expectations, with a very negative net margin (~208%) and ROE (~-139%); the stock trades near its 12‑month low around $9.77.

Lucid Group (NASDAQ:LCID - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Royal Bank Of Canada reissued a "sector perform" rating and set a $10.00 price objective on shares of Lucid Group in a research note on Wednesday, February 25th. Benchmark reissued a "buy" rating on shares of Lucid Group in a research report on Thursday, February 19th. Bank of America initiated coverage on shares of Lucid Group in a research report on Wednesday. They set an "underperform" rating and a $10.00 price target for the company. Morgan Stanley downgraded shares of Lucid Group from a "buy" rating to an "underweight" rating and cut their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $12.50.

Lucid Group Price Performance

NASDAQ LCID opened at $9.77 on Thursday. The company's 50 day moving average is $10.53 and its two-hundred day moving average is $15.14. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -0.81 and a beta of 1.12. Lucid Group has a 12 month low of $9.12 and a 12 month high of $33.70.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing analysts' consensus estimates of ($2.49) by ($0.59). The firm had revenue of $522.73 million for the quarter, compared to analysts' expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The firm's quarterly revenue was up 122.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) EPS. As a group, research analysts anticipate that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC increased its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $30,000. Brown Advisory Inc. grew its position in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock valued at $33,000 after buying an additional 5,000 shares during the last quarter. Heritage Wealth Advisors increased its position in Lucid Group by 43.5% during the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company's stock worth $35,000 after buying an additional 5,000 shares during the period. Finally, Keynote Financial Services LLC purchased a new stake in shares of Lucid Group in the second quarter valued at about $35,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.