Lucid Group (NASDAQ:LCID) Stock Rating Lowered by Zacks Research

Lucid Group (NASDAQ:LCID) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently commented on the stock. Royal Bank Of Canada lowered their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Robert W. Baird set a $14.00 target price on Lucid Group in a research report on Tuesday, January 6th. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Performance

Shares of LCID stock opened at $11.07 on Thursday. Lucid Group has a 12-month low of $9.50 and a 12-month high of $35.90. The business’s fifty day simple moving average is $11.87 and its 200-day simple moving average is $18.17. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company has a market cap of $3.59 billion, a PE ratio of -1.03 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter last year, the firm earned ($2.76) earnings per share. The firm’s quarterly revenue was up 68.3% compared to the same quarter last year. Analysts expect that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC lifted its holdings in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the period. Tyche Wealth Partners LLC purchased a new position in Lucid Group during the second quarter valued at approximately $26,000. Concurrent Investment Advisors LLC acquired a new position in Lucid Group in the second quarter valued at approximately $29,000. Kingsview Wealth Management LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $30,000. Finally, Cypress Wealth Services LLC purchased a new stake in Lucid Group in the 2nd quarter worth approximately $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.