Lucid Group, Inc. (NASDAQ:LCID) Given Average Recommendation of "Reduce" by Brokerages
Lucid Group, Inc. (NASDAQ:LCID) has received a consensus "Reduce" recommendation from twelve analysts, with three rating it as "sell," eight as "hold," and one as "buy." The average 12-month price target is $21.93. Recent analyst actions include Weiss Ratings reaffirming a "sell" rating, Stifel Nicolaus setting a $2.10 target, Cantor Fitzgerald lowering its target to $21.00, and Morgan Stanley raising its target to $30.00. The stock is currently trading at $15.17, down 8.6%.
Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have been given a consensus recommendation of "Reduce" by the twelve analysts that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $21.9333.
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Several research analysts recently commented on LCID shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research note on Wednesday, October 8th. Stifel Nicolaus set a $2.10 price target on shares of Lucid Group in a report on Friday, August 29th. Cantor Fitzgerald lowered their price objective on shares of Lucid Group from $26.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, November 6th. Finally, Morgan Stanley increased their target price on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd.
Get Our Latest Research Report on Lucid Group
Hedge Funds Weigh In On Lucid Group
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Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after acquiring an additional 615,108 shares during the period. Geode Capital Management LLC raised its holdings in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company's stock worth $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Lucid Group during the 2nd quarter valued at about $16,469,000. 75.17% of the stock is owned by hedge funds and other institutional investors.
Lucid Group Trading Down 8.6%
NASDAQ LCID opened at $15.17 on Friday. The firm has a market cap of $4.66 billion, a PE ratio of -1.42 and a beta of 0.80. Lucid Group has a 1-year low of $15.17 and a 1-year high of $36.40. The stock has a 50-day moving average of $20.09 and a 200-day moving average of $22.33. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19.
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Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts' consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company had revenue of $336.58 million during the quarter, compared to analysts' expectations of $378.44 million. During the same period last year, the firm earned ($2.76) earnings per share. Lucid Group's revenue for the quarter was up 68.3% on a year-over-year basis. As a group, sell-side analysts forecast that Lucid Group will post -1.25 EPS for the current year.
Lucid Group Company Profile
(Get Free Report)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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