Cantor Fitzgerald Reaffirms Underweight Rating for Lucid Group (NASDAQ:LCID)

Cantor Fitzgerald reiterated their underweight rating on shares of Lucid Group (NASDAQ:LCID) in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a $4.00 price target on the stock.

LCID has been the subject of a number of other reports. Morgan Stanley reiterated an underweight rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Citigroup reissued a neutral rating and set a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a hold rating on the stock in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Lucid Group in a research report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $4.24.

Lucid Group Price Performance

NASDAQ LCID opened at $2.95 on Monday. Lucid Group has a 12-month low of $2.29 and a 12-month high of $8.37. The firm’s fifty day simple moving average is $2.71 and its two-hundred day simple moving average is $3.03. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $6.81 billion, a P/E ratio of -2.32 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.43) earnings per share. Analysts forecast that Lucid Group will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Norges Bank acquired a new position in shares of Lucid Group during the 4th quarter worth about $22,208,000. Northern Trust Corp raised its holdings in shares of Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after acquiring an additional 631,728 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Lucid Group by 5.2% in the 3rd quarter. Legal & General Group Plc now owns 5,096,665 shares of the company’s stock valued at $28,492,000 after purchasing an additional 253,149 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

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.