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

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

A number of other equities research analysts have also issued reports on LCID. Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus decreased 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 report on Monday, February 26th. Morgan Stanley reissued an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird decreased their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $4.24.

Lucid Group Stock Performance

Shares of LCID opened at $2.71 on Tuesday. The firm’s 50 day moving average price is $2.76 and its two-hundred day moving average price is $3.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. Lucid Group has a twelve month low of $2.29 and a twelve month high of $8.37. The firm has a market cap of $6.23 billion, a P/E ratio of -1.94 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced 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 company had revenue of $172.74 million during the quarter, compared to analyst estimates of $173.54 million. During the same period in the previous year, the company posted ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, analysts forecast that Lucid Group will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its position in Lucid Group by 32.1% during the third quarter. Commonwealth Equity Services LLC now owns 179,136 shares of the company’s stock worth $1,001,000 after purchasing an additional 43,561 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in Lucid Group by 15.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 172,105 shares of the company’s stock valued at $962,000 after buying an additional 22,425 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Lucid Group by 52.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 13,261 shares of the company’s stock valued at $74,000 after acquiring an additional 4,590 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Lucid Group by 7.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 179,987 shares of the company’s stock worth $1,006,000 after acquiring an additional 11,941 shares during the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new position in shares of Lucid Group in the third quarter valued at approximately $84,000. 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.