Brokerages Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $3.54

Lucid Group, Inc. (NASDAQ:LCID) has been given a consensus rating of “Reduce” by the nine ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $3.54.

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, October 7th.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.13 on Monday. Lucid Group has a one year low of $2.02 and a one year high of $5.31. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The firm’s 50 day moving average price is $3.27 and its 200-day moving average price is $3.09. The firm has a market cap of $4.98 billion, a P/E ratio of -1.71 and a beta of 1.11.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The firm had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. Lucid Group’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) EPS. As a group, equities research analysts predict that Lucid Group will post -1.22 EPS for the current year.

Insider Activity

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Eric Bach sold 89,959 shares of Lucid Group stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the transaction, the director now owns 8,041,393 shares of the company’s stock, valued at $20,827,207.87. This trade represents a -100.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new stake in shares of Lucid Group in the second quarter valued at about $26,000. Accredited Investors Inc. acquired a new stake in shares of Lucid Group in the 2nd quarter worth approximately $27,000. Frank Rimerman Advisors LLC increased its stake in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock valued at $27,000 after purchasing an additional 9,250 shares in the last quarter. Meeder Advisory Services Inc. acquired a new position in Lucid Group during the first quarter worth $29,000. Finally, Norden Group LLC purchased a new stake in Lucid Group during the first quarter worth $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.