Lucid Group, Inc. (NASDAQ:LCID) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Lucid Group, Inc. (NASDAQ:LCID) have received a consensus recommendation of “Reduce” from the eleven analysts that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $10.00.

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Robert W. Baird set a $6.00 price objective on Lucid Group in a research note on Wednesday, May 6th. TD Cowen reduced their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Bank of America assumed coverage on Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price target for the company. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 price objective on shares of Lucid Group in a research report on Monday, May 4th.

Lucid Group Trading Down 0.3%

NASDAQ:LCID opened at $6.01 on Friday. The company has a market capitalization of $1.97 billion, a P/E ratio of -0.46 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. Lucid Group has a 12 month low of $5.62 and a 12 month high of $33.70. The firm has a fifty day simple moving average of $8.60 and a 200-day simple moving average of $11.09.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The firm had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.20) EPS. On average, equities research analysts anticipate that Lucid Group will post -10.75 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC raised its holdings in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its position in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after purchasing an additional 11,252 shares during the period. Hedge funds and other 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.