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

Lucid Group, Inc. (NASDAQ:LCID) has been given a consensus rating of “Reduce” by the nine analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $3.71.

A number of research analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a research note on Monday, September 9th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a research note on Thursday, September 12th.

Insider Transactions at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in Lucid Group in the second quarter valued at approximately $26,000. Strategic Investment Solutions Inc. IL bought a new stake in Lucid Group in the second quarter valued at approximately $63,000. Truist Financial Corp boosted its holdings in Lucid Group by 40.2% in the second quarter. Truist Financial Corp now owns 37,760 shares of the company’s stock valued at $99,000 after acquiring an additional 10,828 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in Lucid Group by 17.4% in the second quarter. EP Wealth Advisors LLC now owns 38,431 shares of the company’s stock valued at $100,000 after acquiring an additional 5,702 shares during the last quarter. Finally, Algert Global LLC bought a new stake in Lucid Group in the second quarter valued at approximately $243,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Down 0.8 %

LCID stock opened at $3.61 on Friday. The company has a market cap of $8.33 billion, a PE ratio of -2.84 and a beta of 1.05. The business has a 50-day simple moving average of $3.56 and a 200 day simple moving average of $3.03. Lucid Group has a 52 week low of $2.29 and a 52 week high of $5.70. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). The company 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 revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.40) EPS. Sell-side analysts anticipate that Lucid Group will post -1.22 EPS for the current fiscal year.

About Lucid Group

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.