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

Cantor Fitzgerald restated their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a research note published on Monday morning, Benzinga reports. The firm currently has a $4.00 target price on the stock.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reissued a sector perform rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. Robert W. Baird reissued a neutral rating and set a $3.00 price target on shares of Lucid Group in a report on Monday, July 8th. Finally, Needham & Company LLC restated a hold rating on shares of Lucid Group in a research report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $3.71.

Lucid Group Stock Performance

Shares of NASDAQ LCID opened at $3.54 on Monday. Lucid Group has a 12-month low of $2.29 and a 12-month high of $5.70. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of -2.79 and a beta of 1.05. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average of $3.53 and a 200 day moving average of $3.05.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business had revenue of $200.58 million for the quarter, compared to the consensus estimate of $190.30 million. During the same period in the previous year, the firm earned ($0.40) EPS. The company’s revenue was up 32.9% on a year-over-year basis. On average, research analysts anticipate that Lucid Group will post -1.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was 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 directly owns 2,028,268 shares in the company, valued at approximately $6,368,761.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its stake in Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after buying an additional 227,908 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lucid Group by 0.6% during the 1st 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 period. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock valued at $11,488,000 after purchasing an additional 195,519 shares during the last quarter. KBC Group NV raised its position in Lucid Group by 19.2% in the 4th quarter. KBC Group NV now owns 39,171 shares of the company’s stock worth $165,000 after purchasing an additional 6,323 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Lucid Group by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 435,787 shares of the company’s stock worth $1,242,000 after purchasing an additional 23,752 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.