Lucid Group (NASDAQ:LCID) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Lucid Group from “strong sell” to “hold,” but the broader analyst consensus remains “Reduce,” with an average price target of $9.22.
• Lucid shares opened at $5.92, while the company’s latest quarterly results showed revenue rising 56.2% year over year to $405.35 million, though its $2.78 loss per share exceeded analyst expectations.
• Institutional investors own 75.17% of Lucid’s stock, and several hedge funds and investment firms increased their positions during the fourth quarter.

Lucid Group (NASDAQ:LCID - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. William Blair downgraded Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. Citigroup decreased their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday. Benchmark lowered Lucid Group from a "buy" rating to a "hold" rating in a research report on Wednesday, May 6th. TD Cowen cut their target price on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Wednesday, May 6th. Finally, Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Stock Up 2.6%

Shares of NASDAQ LCID opened at $5.92 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The company has a market cap of $2.33 billion, a price-to-earnings ratio of -0.43 and a beta of 0.83. Lucid Group has a 12-month low of $2.37 and a 12-month high of $25.23. The firm's 50-day simple moving average is $6.26 and its 200 day simple moving average is $7.61.

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

Institutional Trading of Lucid Group

Several hedge funds have recently added to or reduced their stakes in the business. 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 acquiring an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Lucid Group by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company's stock valued at $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in Lucid Group by 11.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company's stock worth $144,000 after purchasing an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Lucid Group by 9.6% during 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 raised its holdings in Lucid Group by 16.0% during 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 during the period. Institutional investors and hedge funds 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