Lucid Group (NASDAQ:LCID) Earns Underweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their underweight rating on shares of Lucid Group (NASDAQ:LCID) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $4.00 price target on the stock.

Several other analysts have also recently issued reports on LCID. Morgan Stanley reaffirmed an underweight rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a hold rating on the stock in a research note on Wednesday, May 8th. Citigroup reissued a neutral rating and set a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Finally, Needham & Company LLC restated a hold rating on shares of Lucid Group in a research report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of Hold and a consensus target price of $4.24.

Lucid Group Stock Up 7.3 %

Shares of NASDAQ:LCID opened at $2.95 on Monday. The firm has a market cap of $6.81 billion, a PE ratio of -2.32 and a beta of 1.04. The company has a fifty day simple moving average of $2.71 and a 200 day simple moving average of $3.03. 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 has a 12-month low of $2.29 and a 12-month high of $8.37.

Lucid Group (NASDAQ:LCID) last released its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. During the same period in the previous year, the firm posted ($0.43) EPS. Lucid Group’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities research analysts anticipate that Lucid Group will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Northern Trust Corp boosted its position in shares of Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after buying an additional 631,728 shares during the period. Teza Capital Management LLC bought a new position in shares of Lucid Group in the third quarter worth $87,000. Insigneo Advisory Services LLC acquired a new position in shares of Lucid Group during the third quarter valued at $84,000. AXQ Capital LP raised its stake in shares of Lucid Group by 181.6% during the third quarter. AXQ Capital LP now owns 32,100 shares of the company’s stock valued at $179,000 after purchasing an additional 20,700 shares in the last quarter. Finally, Alps Advisors Inc. lifted its holdings in Lucid Group by 19.8% in the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after purchasing an additional 546,676 shares during the period. 75.17% of the stock is 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.