Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) dropped 2.7% on Wednesday after Citigroup lowered their price target on the stock from $11.00 to $9.00. Citigroup currently has a buy rating on the stock. Lucid Group traded as low as $3.62 and last traded at $3.67. 14,379,069 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 13,343,572 shares. The stock had previously closed at $3.77.
A number of other equities research analysts have also weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday. Royal Bank Of Canada decreased their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research report on Monday, October 12th. Morgan Stanley decreased their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, Cantor Fitzgerald dropped their price target on Lucid Group from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $7.11.
Get Our Latest Analysis on Lucid Group
Trending Headlines about Lucid Group
These are some of the LCID headlines that stood out recently:
- Positive Sentiment: Lucid secured a $1.75 billion expansion of its credit facility from Saudi Arabia’s Public Investment Fund, bringing reported pro forma liquidity to about $3.75 billion and extending its operating runway into the fourth quarter of 2027. Lucid expands PIF credit facility by $1.75bn
- Positive Sentiment: Quarterly cash consumption fell 30% sequentially, offering evidence that cost and inventory controls are helping conserve funds. However, the reduction partly reflects lower production. Why Lucid Stock Keeps Going Up
- Negative Sentiment: Q3 results missed expectations: revenue was $350.3 million versus an estimated $395.7 million, and the loss per share was $2.30 versus an expected $2.27. Revenue grew only 4.1% year over year, highlighting the gap between Lucid’s spending needs and current sales. Q3 revenue earnings flash
Hedge Funds Weigh In On Lucid Group
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE lifted its holdings in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the last quarter. Calamos Advisors LLC boosted its position in shares of Lucid Group by 40.0% in the 3rd quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock worth $2,137,000 after purchasing an additional 150,000 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $3,125,000. Lazard Asset Management LLC grew its stake in shares of Lucid Group by 192.6% in the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after buying an additional 200,604 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Lucid Group in the 2nd quarter worth approximately $1,368,000. Institutional investors own 75.17% of the company’s stock.
Lucid Group Stock Performance
The company has a market cap of $1.45 billion, a P/E ratio of -0.28 and a beta of 0.80. The stock has a 50-day moving average of $3.81 and a two-hundred day moving average of $6.65.
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($2.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.03). Lucid Group had a negative net margin of 253.58% and a negative return on equity of 1,391.51%. The company had revenue of $350.32 million for the quarter, compared to analysts’ expectations of $395.67 million. During the same quarter in the previous year, the firm posted ($2.65) EPS. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. Research analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current year.
About Lucid Group
Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.
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