Citigroup Has Lowered Expectations for Lucid Group (NASDAQ:LCID) Stock Price

Lucid Group (NASDAQ:LCID – Get Free Report) had its price objective dropped by equities researchers at Citigroup from $14.00 to $11.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 88.52% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Morgan Stanley set a $5.00 target price on Lucid Group in a research note on Wednesday, May 6th. Benchmark lowered shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, William Blair downgraded shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average price target of $9.22.

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Lucid Group Price Performance

LCID traded up $0.07 during trading on Wednesday, hitting $5.83. The company’s stock had a trading volume of 6,933,659 shares, compared to its average volume of 13,801,313. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -0.42 and a beta of 0.83. Lucid Group has a twelve month low of $2.37 and a twelve month high of $25.23. The business’s fifty day simple moving average is $6.24 and its 200 day simple moving average is $7.65. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The business had revenue of $405.35 million for the quarter, compared to analysts’ expectations of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.24) EPS. On average, equities research analysts forecast that Lucid Group will post -12.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Royal Bank of Canada raised its holdings in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC raised its stake in Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC raised its position in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after buying an additional 11,252 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

(Get Free Report)

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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