Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $3.04

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) have been assigned a consensus rating of "Hold" from the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $3.04.

A number of equities research analysts have recently commented on the company. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Finally, Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th.

Lucid Group Trading Down 6.8 %

LCID traded down $0.21 during trading on Friday, hitting $2.86. 92,283,270 shares of the stock traded hands, compared to its average volume of 88,129,648. The firm has a market capitalization of $8.61 billion, a P/E ratio of -2.13 and a beta of 0.94. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a 50-day moving average of $2.64 and a 200 day moving average of $3.05.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $200.04 million during the quarter, compared to analysts' expectations of $199.50 million. During the same quarter last year, the business posted ($0.28) EPS. Equities research analysts anticipate that Lucid Group will post -1.25 EPS for the current year.

Insider Activity

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company's stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 61.26% of the company's stock.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of LCID. Commonwealth Equity Services LLC lifted its position in shares of Lucid Group by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company's stock valued at $456,000 after buying an additional 14,168 shares in the last quarter. Rhumbline Advisers grew its stake in Lucid Group by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 741,822 shares of the company's stock valued at $1,936,000 after acquiring an additional 46,997 shares in the last quarter. Choreo LLC acquired a new stake in Lucid Group in the 2nd quarter valued at about $66,000. Amalgamated Bank lifted its stake in Lucid Group by 12.5% in the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company's stock worth $125,000 after purchasing an additional 5,337 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Lucid Group by 40.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 195,661 shares of the company's stock worth $511,000 after buying an additional 56,594 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

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.