Lucid Group (NASDAQ:LCID) Earns “Neutral” Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a report issued on Monday morning, Benzinga reports. The firm currently has a $4.00 target price on the stock.

LCID has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a hold rating on shares of Lucid Group in a research report on Tuesday, August 6th. Citigroup reiterated a neutral rating and issued a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Stifel Nicolaus reduced their price target on shares of Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a research report on Wednesday, May 8th. Robert W. Baird reaffirmed a neutral rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $3.00 target price on shares of Lucid Group in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of Hold and a consensus price target of $3.71.

Lucid Group Trading Up 10.5 %

NASDAQ LCID opened at $3.58 on Monday. The stock has a market cap of $8.26 billion, a PE ratio of -2.82 and a beta of 1.04. Lucid Group has a 12 month low of $2.29 and a 12 month high of $6.45. The company’s 50-day moving average price is $3.11 and its 200-day moving average price is $2.97. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The firm had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. During the same quarter in the prior year, the company posted ($0.40) earnings per share. Lucid Group’s quarterly revenue was up 32.9% compared to the same quarter last year. Equities research analysts forecast that Lucid Group will post -1.17 earnings per share for the current year.

Insider Activity 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 completion of the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after buying an additional 9,175,312 shares in the last quarter. Norges Bank purchased a new stake in shares of Lucid Group during the fourth quarter valued at $22,208,000. abrdn plc boosted its position in shares of Lucid Group by 95.3% in the 4th quarter. abrdn plc now owns 2,001,372 shares of the company’s stock valued at $8,426,000 after purchasing an additional 976,351 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lucid Group by 138.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock worth $5,544,000 after purchasing an additional 764,361 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in 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 worth $6,951,000 after buying an additional 732,463 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.