Stifel Nicolaus Lowers Lucid Group (NASDAQ:LCID) Price Target to $2.10

Key Points

• Stifel Nicolaus has lowered its price target for Lucid Group (NASDAQ: LCID) from $3.00 to $2.10 while maintaining a "hold" rating, suggesting a potential upside of 1.45% from its last closing price.
• According to the company's earnings report, Lucid Group reported a loss of ($0.28) earnings per share (EPS) for the last quarter, missing expectations of ($0.22) by $0.06.
• A 1-10 reverse stock split for Lucid Group shares is set to occur before the market opens on September 2, affecting the number of shares in circulation.

Lucid Group (NASDAQ:LCID - Get Free Report) had its target price reduced by stock analysts at Stifel Nicolaus from $3.00 to $2.10 in a research note issued on Friday,Benzinga reports. The firm presently has a "hold" rating on the stock. Stifel Nicolaus' price target suggests a potential upside of 1.45% from the stock's previous close.

Separately, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.59.

Lucid Group Trading Down 0.5%

LCID opened at $2.07 on Friday. The business has a fifty day moving average price of $2.34 and a 200 day moving average price of $2.41. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. Lucid Group has a 12 month low of $1.93 and a 12 month high of $4.28. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of -1.80 and a beta of 0.79.

Shares of Lucid Group are going to reverse split before the market opens on 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 issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The firm had revenue of $259.43 million during the quarter, compared to analysts' expectations of $288.10 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. The firm's revenue was up 29.3% compared to the same quarter last year. Sell-side analysts expect that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of large investors have recently made changes to their positions in LCID. Sterling Investment Counsel LLC purchased a new stake in Lucid Group in the first quarter valued at approximately $25,000. HB Wealth Management LLC acquired a new position in shares of Lucid Group in the 1st quarter valued at $25,000. Cigna Investments Inc. New purchased a new stake in Lucid Group in the 2nd quarter valued at $25,000. Tyche Wealth Partners LLC acquired a new stake in Lucid Group during the 2nd quarter worth $26,000. Finally, Grimes & Company Inc. acquired a new position in Lucid Group in the first quarter valued at $27,000. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

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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