Lucid Group (NASDAQ:LCID) Coverage Initiated by Analysts at Bank of America

Equities researchers at Bank of America started coverage on shares of Lucid Group (NASDAQ:LCID) in a note issued to investors on Wednesday. The brokerage set an “underperform” rating and a $10.00 price target on the stock. Bank of America‘s target price suggests a potential downside of 3.19% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Cantor Fitzgerald lowered their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Royal Bank Of Canada restated a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a research report on Wednesday, February 25th. Stifel Nicolaus cut their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $18.50.

Lucid Group Price Performance

Lucid Group stock traded up $0.22 during midday trading on Wednesday, hitting $10.33. 1,367,639 shares of the company’s stock were exchanged, compared to its average volume of 7,598,271. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The company has a market cap of $3.35 billion, a P/E ratio of -0.85 and a beta of 1.12. The stock has a 50-day moving average price of $10.63 and a two-hundred day moving average price of $15.40. Lucid Group has a 52-week low of $9.12 and a 52-week high of $33.70.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, February 24th. The company reported ($3.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). The company had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The firm’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.22) earnings per share. On average, equities research analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group during the third quarter valued at approximately $1,361,978,000. Geode Capital Management LLC boosted its position in Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Uber Technologies Inc acquired a new stake in Lucid Group during the 3rd quarter worth $326,283,000. Marshall Wace LLP grew its holdings in shares of Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.