Lucid Group’s (LCID) “Underweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their underweight rating on shares of Lucid Group (NASDAQ:LCID) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $4.00 price target on the stock.

A number of other equities analysts also recently weighed in on LCID. Morgan Stanley reaffirmed an underweight rating and issued a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Robert W. Baird reiterated a neutral rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, July 8th. Needham & Company LLC reiterated a hold rating on shares of Lucid Group in a report on Tuesday, May 7th. Citigroup reiterated a neutral rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Finally, Stifel Nicolaus decreased their price objective on shares of Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a report on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, Lucid Group has a consensus rating of Hold and an average target price of $4.14.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $3.28 on Monday. The company’s fifty day moving average is $2.93 and its two-hundred day moving average is $2.95. The company has a quick ratio of 4.12, a current ratio of 4.66 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 $7.75. The company has a market cap of $7.57 billion, a P/E ratio of -2.58 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $173.54 million. During the same period last year, the company posted ($0.43) earnings per share. The company’s revenue was up 15.6% compared to the same quarter last year. Equities analysts expect that Lucid Group will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. Accredited Investors Inc. bought a new stake in Lucid Group during the second quarter valued at about $27,000. GAMMA Investing LLC acquired a new position in shares of Lucid Group during the fourth quarter valued at about $28,000. Meeder Advisory Services Inc. acquired a new position in shares of Lucid Group during the first quarter valued at about $29,000. Norden Group LLC acquired a new position in shares of Lucid Group during the first quarter valued at about $32,000. Finally, Heritage Wealth Advisors raised its position in shares of Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.