Cantor Fitzgerald Cuts Lucid Group (NASDAQ:LCID) Price Target to $14.00

Lucid Group (NASDAQ:LCID) had its target price decreased by Cantor Fitzgerald from $21.00 to $14.00 in a research note released on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the stock.

A number of other analysts have also weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Robert W. Baird set a $14.00 price objective on Lucid Group in a report on Tuesday, January 6th. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Stifel Nicolaus reduced their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $19.71.

Lucid Group Stock Performance

Lucid Group stock opened at $10.00 on Wednesday. Lucid Group has a fifty-two week low of $9.12 and a fifty-two week high of $33.70. The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.34 and a current ratio of 1.25. The stock has a market cap of $3.24 billion, a P/E ratio of -0.82 and a beta of 1.16. The firm’s fifty day moving average price is $10.71 and its 200-day moving average price is $15.57.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group in the third quarter valued at about $1,361,978,000. Uber Technologies Inc bought a new position in Lucid Group in the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP boosted its stake in Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the period. Norges Bank purchased a new stake in Lucid Group during the 2nd quarter valued at approximately $16,469,000. Finally, Linden Advisors LP bought a new stake in shares of Lucid Group during the second quarter valued at approximately $9,885,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.