Citigroup Reaffirms Neutral Rating for Lucid Group (NASDAQ:LCID)

Citigroup restated their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a research note released on Monday, MarketBeat.com reports. They currently have a $2.90 price target on the stock.

A number of other brokerages also recently issued reports on LCID. Morgan Stanley reiterated an underweight rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Bank of America decreased their price objective on shares of Lucid Group from $7.00 to $4.50 and set a neutral rating on the stock in a research report on Thursday, February 22nd. Stifel Nicolaus decreased their price target on shares of Lucid Group from $5.00 to $4.00 and set a hold rating on the stock in a report on Monday, February 26th. Cantor Fitzgerald lowered shares of Lucid Group from a neutral rating to an underweight rating and cut their target price for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a neutral rating for the company in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $4.34.

Lucid Group Price Performance

Lucid Group stock opened at $2.45 on Monday. The business’s 50 day simple moving average is $2.88 and its 200 day simple moving average is $3.62. Lucid Group has a 12 month low of $2.29 and a 12 month high of $8.37. The company has a market cap of $5.64 billion, a price-to-earnings ratio of -1.75 and a beta of 1.01. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) earnings per share. Sell-side analysts forecast that Lucid Group will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after buying an additional 9,175,312 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares during the period. Invesco Ltd. lifted its holdings in Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Norges Bank bought a new position in shares of Lucid Group in the fourth quarter worth approximately $22,208,000. Finally, Northern Trust Corp increased its stake in shares of Lucid Group by 13.8% in the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after purchasing an additional 631,728 shares in the last quarter. 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.