Cantor Fitzgerald Reiterates Neutral Rating for Lucid Group (NASDAQ:LCID)

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating restated by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $4.00 target price on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 12.36% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.71.

Lucid Group Trading Up 2.9 %

Shares of LCID stock opened at $3.56 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. Lucid Group has a 52-week low of $2.29 and a 52-week high of $5.70. The company has a market capitalization of $8.21 billion, a PE ratio of -2.80 and a beta of 1.05. The business’s fifty day moving average is $3.54 and its 200 day moving average is $3.04.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The business had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter last year, the business posted ($0.40) EPS. The company’s quarterly revenue was up 32.9% on a year-over-year basis. On average, equities research analysts anticipate that Lucid Group will post -1.22 EPS for the current fiscal year.

Insider Buying and Selling at Lucid Group

In other news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Lucid Group by 0.6% in the 1st 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. Norges Bank bought a new position in shares of Lucid Group during the 4th quarter valued at $22,208,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after buying an additional 195,519 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Lucid Group by 27.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after buying an additional 732,463 shares during the period. 75.17% of the stock is owned by institutional investors.

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.