Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) PT at $3.71

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) has been given a consensus rating of "Reduce" by the nine brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $3.71.

A number of research analysts recently commented on LCID shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, September 11th. Royal Bank of Canada reiterated a "sector perform" rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, September 12th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $4.00 target price on shares of Lucid Group in a research report on Tuesday.

Insiders Place Their Bets

In related news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 61.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC boosted its stake in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company's stock worth $27,000 after acquiring an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. acquired a new stake in Lucid Group in the first quarter valued at $29,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the second quarter valued at $27,000. Sanctuary Advisors LLC purchased a new position in shares of Lucid Group in the second quarter valued at $26,000. Finally, HighPoint Advisor Group LLC acquired a new position in shares of Lucid Group during the 4th quarter worth $46,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Down 1.8 %

Shares of LCID traded down $0.06 during midday trading on Thursday, reaching $3.33. The stock had a trading volume of 19,873,715 shares, compared to its average volume of 32,587,281. The company has a market cap of $7.68 billion, a price-to-earnings ratio of -2.63 and a beta of 1.04. The company's fifty day simple moving average is $3.52 and its two-hundred day simple moving average is $3.09. Lucid Group has a 1-year low of $2.29 and a 1-year high of $5.48. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.02). The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The firm's quarterly revenue was up 32.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.40) earnings per share. Equities research analysts expect that Lucid Group will post -1.27 earnings per share for the current year.

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.