Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Target Price at $3.71

Lucid Group, Inc. (NASDAQ:LCID) has been assigned an average rating of “Reduce” from the nine brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating and eight have issued a hold rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $3.71.

Several equities analysts recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. 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, July 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price objective on shares of Lucid Group in a research note on Monday, September 9th.

Lucid Group Trading Down 3.3 %

Shares of Lucid Group stock opened at $3.49 on Friday. The firm has a market cap of $8.05 billion, a PE ratio of -2.75 and a beta of 1.05. Lucid Group has a 1 year low of $2.29 and a 1 year high of $5.70. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. The stock has a fifty day moving average price of $3.55 and a 200-day moving average price of $3.04.

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 analysts’ consensus estimates of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The business’s quarterly revenue was up 32.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) EPS. Equities research analysts anticipate that Lucid Group will post -1.22 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the company’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 sale was disclosed in a document filed with the SEC, which is available at this link. 61.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in Lucid Group in the 2nd quarter worth about $26,000. Accredited Investors Inc. bought a new position in shares of Lucid Group in the second quarter worth approximately $27,000. Frank Rimerman Advisors LLC raised its stake in Lucid Group by 925.0% in the second 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. bought a new stake in Lucid Group during the first quarter valued at approximately $29,000. Finally, Norden Group LLC purchased a new position in Lucid Group in the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors 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.