Cantor Fitzgerald Reaffirms “Neutral” Rating for Lucid Group (NASDAQ:LCID)

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reissued by Cantor Fitzgerald in a report released on Wednesday,Benzinga reports. They currently have a $3.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 29.59% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. TD Cowen initiated coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Finally, Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.68.

Lucid Group Price Performance

LCID opened at $2.32 on Wednesday. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company’s 50 day simple moving average is $2.35 and its 200 day simple moving average is $2.55. The stock has a market capitalization of $7.02 billion, a PE ratio of -1.73 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company’s quarterly revenue was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.27) earnings per share. As a group, sell-side analysts expect that Lucid Group will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Public Investment Fund lifted its stake in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the period. Geode Capital Management LLC lifted its position in shares of Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.