Fintel reports that on August 11, 2023, Exane BNP Paribas downgraded their outlook for Lucid Group (NASDAQ:LCID) from Neutral to Underperform.

Analyst Price Forecast Suggests 23.36% Upside

As of August 2, 2023, the average one-year price target for Lucid Group is 8.36. The forecasts range from a low of 5.05 to a high of $10.50. The average price target represents an increase of 23.36% from its latest reported closing price of 6.78.

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The projected annual revenue for Lucid Group is 2,694MM, an increase of 257.54%. The projected annual non-GAAP EPS is -1.20.

What is the Fund Sentiment?

There are 762 funds or institutions reporting positions in Lucid Group. This is a decrease of 5 owner(s) or 0.65% in the last quarter. Average portfolio weight of all funds dedicated to LCID is 0.14%, a decrease of 44.98%. Total shares owned by institutions increased in the last three months by 0.12% to 1,338,020K shares. The put/call ratio of LCID is 0.85, indicating a bullish outlook.

What are Other Shareholders Doing?

Public Investment Fund holds 1,109,007K shares representing 48.58% ownership of the company. No change in the last quarter.

Invesco Qqq Trust, Series 1 holds 24,067K shares representing 1.05% ownership of the company. In it’s prior filing, the firm reported owning 22,417K shares, representing an increase of 6.86%. The firm increased its portfolio allocation in LCID by 6.59% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 19,782K shares representing 0.87% ownership of the company. In it’s prior filing, the firm reported owning 17,883K shares, representing an increase of 9.60%. The firm increased its portfolio allocation in LCID by 20.24% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 14,895K shares representing 0.65% ownership of the company. In it’s prior filing, the firm reported owning 13,676K shares, representing an increase of 8.18%. The firm increased its portfolio allocation in LCID by 24.10% over the last quarter.

Geode Capital Management holds 9,969K shares representing 0.44% ownership of the company. In it’s prior filing, the firm reported owning 8,832K shares, representing an increase of 11.40%. The firm increased its portfolio allocation in LCID by 22.92% over the last quarter.

Lucid Group Background Information
(This description is provided by the company.)

Lucid seeks to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design underpinned by race-proven technology. Featuring luxurious interior space in a mid-size exterior footprint, select models of Air are expected to be capable of a projected EPA estimated range of over 500 miles. Customer deliveries of Lucid Air are planned to begin this year.

This article originally appeared on Fintel

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