Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $5.61 and last traded at $5.6160, with a volume of 1168924 shares trading hands. The stock had previously closed at $5.73.
Analyst Ratings Changes
A number of research firms have recently weighed in on LCID. Citigroup reissued a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Lucid Group in a research note on Monday, May 4th. Bank of America initiated coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective for the company. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Royal Bank Of Canada decreased their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Monday, April 13th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Reduce” and an average price target of $9.67.
Get Our Latest Research Report on Lucid Group
Lucid Group Price Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Lucid Group’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts anticipate that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.
Institutional Trading of Lucid Group
Several large investors have recently added to or reduced their stakes in LCID. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc purchased a new stake in shares of Lucid Group in the 3rd quarter worth approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after buying an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Lucid Group by 93.5% during the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after buying an additional 2,167,882 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.
Lucid Group Company Profile
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.
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