Lucid Group (NASDAQ:LCID) Earns Buy Rating from Analysts at Citigroup

Citigroup assumed coverage on shares of Lucid Group (NASDAQ:LCIDGet Rating) in a research note issued to investors on Sunday morning, The Fly reports. The brokerage issued a buy rating and a $12.00 target price on the stock.

Several other equities analysts also recently commented on the company. R. F. Lafferty cut their target price on Lucid Group from $19.00 to $17.00 in a research report on Thursday, November 10th. Morgan Stanley cut their target price on Lucid Group from $12.00 to $10.00 and set an underweight rating for the company in a research report on Thursday, November 10th. Bank of America started coverage on Lucid Group in a research report on Thursday, December 15th. They issued a buy rating and a $21.00 price objective for the company. Cantor Fitzgerald started coverage on Lucid Group in a research report on Tuesday, September 27th. They issued an overweight rating and a $23.00 price objective for the company. Finally, Evercore ISI started coverage on Lucid Group in a research report on Tuesday, November 29th. They issued an in-line rating and a $12.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $20.00.

Lucid Group Stock Performance

LCID opened at $8.60 on Friday. The firm has a market capitalization of $14.45 billion, a P/E ratio of -6.06 and a beta of 0.67. The stock’s 50 day moving average price is $8.26 and its two-hundred day moving average price is $13.17. The company has a quick ratio of 4.21, a current ratio of 5.04 and a debt-to-equity ratio of 0.64. Lucid Group has a 12-month low of $6.09 and a 12-month high of $37.55.

Lucid Group (NASDAQ:LCIDGet Rating) last announced its quarterly earnings data on Tuesday, November 8th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.07). The firm had revenue of $195.46 million for the quarter, compared to analyst estimates of $232.50 million. Lucid Group had a negative return on equity of 39.15% and a negative net margin of 498.19%. On average, equities analysts forecast that Lucid Group will post -1.11 earnings per share for the current year.

Insider Activity

In other news, SVP Michael Bell sold 12,574 shares of the business’s stock in a transaction dated Wednesday, December 7th. The stock was sold at an average price of $8.57, for a total value of $107,759.18. Following the sale, the senior vice president now directly owns 1,261,950 shares in the company, valued at $10,814,911.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Lucid Group news, Director Public Investment Fund acquired 85,712,679 shares of the company’s stock in a transaction on Thursday, December 22nd. The shares were purchased at an average price of $10.68 per share, for a total transaction of $915,411,411.72. Following the completion of the purchase, the director now directly owns 1,100,965,202 shares of the company’s stock, valued at $11,758,308,357.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Michael Bell sold 12,574 shares of the company’s stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $8.57, for a total value of $107,759.18. Following the completion of the sale, the senior vice president now owns 1,261,950 shares in the company, valued at approximately $10,814,911.50. The disclosure for this sale can be found here. Corporate insiders own 62.50% of the company’s stock.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP raised its stake in Lucid Group by 60.8% in the fourth quarter. Allworth Financial LP now owns 3,730 shares of the company’s stock valued at $25,000 after buying an additional 1,410 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of Lucid Group in the first quarter valued at approximately $25,000. MinichMacGregor Wealth Management LLC acquired a new stake in Lucid Group during the fourth quarter worth approximately $26,000. Armstrong Advisory Group Inc. acquired a new stake in Lucid Group during the fourth quarter worth approximately $26,000. Finally, Nisa Investment Advisors LLC acquired a new stake in Lucid Group during the third quarter worth approximately $29,000.

Lucid Group Company Profile

(Get Rating)

Lucid Group, Inc a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California.

Further Reading

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Analyst Recommendations for Lucid Group (NASDAQ:LCID)

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