Needham & Company LLC Reiterates “Hold” Rating for Lucid Group (NASDAQ:LCID)

Lucid Group (NASDAQ:LCID)‘s stock had its “hold” rating reaffirmed by Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports.

Several other research firms have also commented on LCID. Citigroup restated a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday, April 22nd. Cantor Fitzgerald downgraded shares of Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Morgan Stanley reissued an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Bank of America lowered their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, Lucid Group has an average rating of “Hold” and a consensus price target of $4.34.

Lucid Group Trading Up 9.5 %

Shares of LCID stock opened at $3.05 on Tuesday. The firm has a market cap of $7.02 billion, a P/E ratio of -2.18 and a beta of 1.04. Lucid Group has a 1-year low of $2.29 and a 1-year high of $8.37. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The firm’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $3.50.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. During the same quarter in the previous year, the business posted ($0.40) EPS. The company’s quarterly revenue was down 39.0% on a year-over-year basis. As a group, equities analysts forecast that Lucid Group will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. SG Americas Securities LLC boosted its holdings in shares of Lucid Group by 226.4% in the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock valued at $1,238,000 after buying an additional 301,349 shares during the period. Norden Group LLC acquired a new position in shares of Lucid Group during the first quarter valued at approximately $32,000. Van ECK Associates Corp increased its stake in shares of Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock valued at $2,558,000 after acquiring an additional 227,908 shares during the period. SpiderRock Advisors LLC bought a new position in shares of Lucid Group in the first quarter valued at $231,000. Finally, Greenleaf Trust acquired a new stake in shares of Lucid Group during the first quarter valued at approximately $65,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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