Lucid Group (NASDAQ:LCID – Get Free Report)‘s stock had its “neutral” rating reiterated by Citigroup in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $2.90 price objective on the stock. Citigroup’s price target indicates a potential upside of 15.08% from the stock’s previous close.
Several other brokerages have also recently commented on LCID. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus decreased their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird decreased their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Bank of America decreased their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus target price of $4.34.
Check Out Our Latest Report on Lucid Group
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business’s revenue was down 39.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, equities research analysts predict that Lucid Group will post -1.06 EPS for the current year.
Hedge Funds Weigh In On Lucid Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Lucid Group by 10.2% in 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 purchasing an additional 1,060,588 shares during the period. Invesco Ltd. boosted its stake in Lucid Group by 41.8% in the 3rd 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. Norges Bank acquired a new position in Lucid Group in the 4th quarter worth $22,208,000. Finally, Northern Trust Corp boosted its stake in Lucid Group by 13.8% in the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after purchasing an additional 631,728 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.
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.
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