Lucid Group (NASDAQ:LCID) Raised to “Hold” at Zacks Research

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

Several other equities research analysts have also recently weighed in on the company. Royal Bank Of Canada reissued a “sector perform” rating and set a $10.00 price objective on shares of Lucid Group in a research note on Wednesday, February 25th. Benchmark reissued a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Bank of America initiated coverage on shares of Lucid Group in a research report on Wednesday. They set an “underperform” rating and a $10.00 price target for the company. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $12.50.

Lucid Group Price Performance

NASDAQ LCID opened at $9.77 on Thursday. The company’s 50 day moving average is $10.53 and its two-hundred day moving average is $15.14. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -0.81 and a beta of 1.12. Lucid Group has a 12 month low of $9.12 and a 12 month high of $33.70.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). The firm 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 quarterly revenue was up 122.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) EPS. As a group, research analysts anticipate that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC increased its holdings in 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 purchasing an additional 1,055 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at about $30,000. Brown Advisory Inc. grew its position in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after buying an additional 5,000 shares during the last quarter. Heritage Wealth Advisors increased its position in Lucid Group by 43.5% during the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after buying an additional 5,000 shares during the period. Finally, Keynote Financial Services LLC purchased a new stake in shares of Lucid Group in the second quarter valued at about $35,000. 75.17% of the stock is currently 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.