Robert W. Baird Reiterates Neutral Rating for Lucid Group (NASDAQ:LCID)

Robert W. Baird reaffirmed their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a research note issued to investors on Monday, Benzinga reports. Robert W. Baird currently has a $3.00 price objective on the stock.

Several other research firms have also issued reports on LCID. Cantor Fitzgerald restated an underweight rating and set a $4.00 price target on shares of Lucid Group in a report on Monday, July 1st. Needham & Company LLC restated a hold rating on shares of Lucid Group in a report on Tuesday, May 7th. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a research note on Wednesday, May 8th. Citigroup reiterated a neutral rating and issued a $2.90 price objective on shares of Lucid Group in a research note on Monday, April 22nd. Finally, Morgan Stanley reiterated an underweight rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, March 25th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $4.14.

Lucid Group Stock Up 7.9 %

NASDAQ:LCID opened at $3.40 on Monday. The firm’s 50 day simple moving average is $2.78 and its 200 day simple moving average is $2.99. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. Lucid Group has a one year low of $2.29 and a one year high of $7.89. The company has a market cap of $7.84 billion, a PE ratio of -2.68 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same quarter in the prior year, the business earned ($0.43) earnings per share. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. On average, research 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 have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after acquiring an additional 489,187 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 last quarter. Norges Bank purchased a new position in Lucid Group during the 4th quarter worth $22,208,000. Legal & General Group Plc boosted its holdings in Lucid Group by 5.2% during the 3rd quarter. Legal & General Group Plc now owns 5,096,665 shares of the company’s stock worth $28,492,000 after acquiring an additional 253,149 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after acquiring an additional 195,519 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other 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.