Lucid Group (LCID) Neutral Rating Reaffirmed by Robert W. Baird

Robert W. Baird reissued a neutral rating on the stock Lucid Group (NASDAQ:LCID – Free Report) in a research report published on Monday, Benzinga reports. The company currently has a price target for the stock of $3.00.

LCID has been the subject of a number of other research reports. Citigroup reiterated a neutral rating and issued a $2.90 price target on shares of Lucid Group in a research note on Monday, April 22. Cantor Fitzgerald reiterated an underweight rating and set a $4.00 price target on shares of Lucid Group in a report on Monday, July 1. Needham & Company LLC reiterated a hold rating on shares of Lucid Group in a research note on Tuesday, May 7. Stifel Nicolaus lowered their price target on shares of Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a research report on Wednesday, May 8. Finally, Morgan Stanley reiterated an underweight rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25. Three equities research analysts rated the stock as a sell, while seven gave it a hold rating. According to MarketBeat.com, the average rating for the stock is “Hold” and the consensus price target is $4.14.

Read our latest report on Lucid Group

Lucid Group shares rise 7.8%

Lucid Group stock opened at $3.16 on Monday. Lucid Group stock’s 52-week low was $2.29 and its 52-week high was $8.37. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.12 and a quick ratio of 4.66. The company’s 50-day simple moving average is $2.75 and its 200-day simple moving average is $2.99. The stock has a market capitalization of $7.29 billion, a P/E ratio of -2.49 and a beta of 1.04.

Lucid Group (NASDAQ:LCID – Get Free Report) last released its financial results on Monday, May 6. The company reported ($0.30) EPS for the quarter, which missed the consensus estimate of ($0.25) by ($0.05). The company had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. Lucid Group’s quarterly revenue increased 15.6% compared to the same quarter last year. During the same period last year, the company earned ($0.43) EPS. Research analysts predict that Lucid Group will post -1.16 EPS for the current fiscal year.

Hedge funds rate Lucid Group

A number of large investors have recently changed their positions in LCID. Fulton Bank NA increased its holdings in Lucid Group by 46.5% in the fourth quarter. Fulton Bank NA now owns 63,511 shares of the company’s stock worth $267,000 after purchasing an additional 20,168 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Lucid Group by 34.0% in the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Lucid Group by 10.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after purchasing an additional 1,060,588 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares during the period. Finally, Ieq Capital LLC bought a new position in Lucid Group during the fourth quarter valued at approximately $105,000. 75.17% of the shares are owned by institutional investors.

About Lucid Group

(Download the free report)

Lucid Group, Inc., a technology company, designs, engineers, manufactures, and sells electric vehicles (EVs), EV drive systems, and battery systems. It also designs and develops proprietary software for Lucid vehicles. The company sells vehicles directly to consumers through its retail network and direct online sales, including Lucid Financial Services.

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