Lucid Group (NASDAQ:LCID) Rating Reiterated by Needham & Company LLC

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports.

Several other research firms have also commented on LCID. Robert W. Baird lowered their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Morgan Stanley restated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus reduced their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Finally, Bank of America dropped their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.24.

Lucid Group Stock Performance

LCID stock opened at $2.71 on Tuesday. The firm has a market cap of $6.23 billion, a P/E ratio of -1.94 and a beta of 1.04. The stock’s 50 day simple moving average is $2.76 and its 200 day simple moving average is $3.47. 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 has a 12-month low of $2.29 and a 12-month high of $8.37.

Lucid Group (NASDAQ:LCID) last issued its earnings results 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 return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period last year, the company posted ($0.43) earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, equities research analysts predict that Lucid Group will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LCID. Alps Advisors Inc. lifted its holdings in Lucid Group by 19.8% in the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after acquiring an additional 546,676 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after buying an additional 410,025 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after acquiring an additional 20,168 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 in the last quarter. Finally, Invesco Ltd. raised its position in shares of Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the period. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.