Cantor Fitzgerald reissued their underweight rating on shares of Lucid Group (NASDAQ:LCID – Free Report) in a research note published on Monday morning, Benzinga reports. They currently have a $4.00 price objective on the stock.
Several other research firms have also recently weighed in on LCID. Morgan Stanley reiterated an underweight rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Citigroup reissued a neutral rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus decreased their price objective on Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a hold rating on shares of Lucid Group in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, Lucid Group has a consensus rating of Hold and an average price target of $4.24.
View Our Latest Report on Lucid Group
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. During the same quarter in the prior year, the firm earned ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts anticipate that Lucid Group will post -1.16 earnings per share for the current year.
Hedge Funds Weigh In On Lucid Group
A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Vanguard Group Inc. raised its position in 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 purchasing an additional 9,175,312 shares in the last quarter. Norges Bank bought a new position in shares of Lucid Group during the 4th quarter worth approximately $22,208,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after buying an additional 1,060,588 shares in the last quarter. abrdn plc grew its position in Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock valued at $8,426,000 after acquiring an additional 976,351 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Lucid Group by 138.3% in 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 in the last quarter. 75.17% of the stock is owned by institutional investors.
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.
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