Analysts Set Lucid Group, Inc. (NASDAQ:LCID) Price Target at $3.04

Lucid Group, Inc. (NASDAQ:LCID) has received a consensus recommendation of “Hold” from the nine analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $3.04.

Several equities analysts have commented on LCID shares. Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Cfra set a $2.00 price target on shares of Lucid Group in a report on Thursday, October 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, November 11th.

Lucid Group Stock Up 2.6 %

Shares of LCID opened at $2.79 on Friday. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $2.69 and a 200 day moving average of $3.05. The company has a market cap of $8.40 billion, a PE ratio of -2.08 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The firm had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. During the same period in the previous year, the business earned ($0.28) EPS. On average, sell-side analysts expect that Lucid Group will post -1.25 EPS for the current year.

Insider Buying and Selling

In related news, Director Public Investment Fund acquired 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the transaction, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 61.26% of the stock is currently owned by insiders.

Institutional Trading of Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Sanctuary Advisors LLC bought a new stake in shares of Lucid Group in the 2nd quarter valued at about $26,000. Frank Rimerman Advisors LLC boosted its position in shares of Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Lucid Group in the 4th quarter worth $33,000. Foster Group Inc. acquired a new stake in shares of Lucid Group in the 4th quarter worth $33,000. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth $34,000. 75.17% of the stock is currently 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.