Lucid Group (NASDAQ:LCID) Receives Neutral Rating from Cantor Fitzgerald

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They currently have a $4.00 target price on the stock. Cantor Fitzgerald’s target price points to a potential upside of 12.36% from the stock’s previous close.

Several other research firms have also commented on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, September 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.71.

Lucid Group Price Performance

NASDAQ LCID opened at $3.56 on Monday. The business’s fifty day moving average price is $3.54 and its 200-day moving average price is $3.04. The stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of -2.80 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.96 and a quick ratio of 3.45. Lucid Group has a 1-year low of $2.29 and a 1-year high of $5.70.

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

Insider Buying and Selling at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $3.14, for a total transaction of $282,471.26. Following the completion of the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LCID. Vanguard Group Inc. lifted its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock worth $238,659,000 after purchasing an additional 489,187 shares during the last quarter. Norges Bank bought a new stake in Lucid Group in the fourth quarter worth about $22,208,000. Charles Schwab Investment Management Inc. lifted its stake in Lucid Group by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after purchasing an additional 195,519 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after acquiring an additional 581,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after acquiring an additional 732,463 shares during the period. Institutional investors 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.