Lucid Group’s (LCID) Hold Rating Reaffirmed at Needham & Company LLC

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports.

A number of other equities research analysts have also weighed in on the stock. Citigroup reiterated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Stifel Nicolaus cut their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. Finally, Cantor Fitzgerald upgraded Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 price target for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.14.

Lucid Group Price Performance

NASDAQ LCID opened at $2.91 on Tuesday. Lucid Group has a one year low of $2.29 and a one year high of $7.30. The stock has a 50-day moving average of $3.03 and a 200 day moving average of $2.96. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -2.29 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. During the same period in the previous year, the business earned ($0.40) EPS. The business’s revenue was up 32.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group will post -1.17 EPS for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Vanguard Group Inc. grew its stake in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the period. Norges Bank bought a new position in shares of Lucid Group in the fourth quarter worth approximately $22,208,000. abrdn plc increased its stake in shares of Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock worth $8,426,000 after purchasing an additional 976,351 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Lucid Group by 138.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock valued at $5,544,000 after purchasing an additional 764,361 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after buying an additional 732,463 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.