Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares were down 4.9% during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $14.00 to $11.00. Citigroup currently has a buy rating on the stock. Lucid Group traded as low as $5.60 and last traded at $5.63. Approximately 17,285,598 shares changed hands during trading, an increase of 25% from the average session volume of 13,810,040 shares. The stock had previously closed at $5.92.
Several other research analysts have also issued reports on the company. Morgan Stanley set a $5.00 price objective on Lucid Group in a research note on Wednesday, May 6th. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. TD Cowen cut their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Finally, Evercore set a $6.00 target price on Lucid Group in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Reduce” and an average target price of $9.22.
Check Out Our Latest Report on LCID
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Lucid Group Trading Down 4.9%
The business has a 50-day moving average price of $6.26 and a two-hundred day moving average price of $7.61. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $2.22 billion, a P/E ratio of -0.41 and a beta of 0.83.
Lucid Group (NASDAQ:LCID – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. Lucid Group’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) earnings per share. On average, analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.
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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