Lucid Group’s (LCID) “Neutral” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reissued their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a research report released on Monday, Benzinga reports. They currently have a $4.00 price target on the stock.

LCID has been the topic of a number of other research reports. Royal Bank of Canada reissued a sector perform rating and set a $3.00 price objective on shares of Lucid Group in a report on Thursday, September 12th. Robert W. Baird reaffirmed a neutral rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, July 8th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Lucid Group in a 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 MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $3.71.

Lucid Group Stock Performance

Shares of LCID stock opened at $3.53 on Monday. 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 stock has a 50 day simple moving average of $3.53 and a 200-day simple moving average of $3.06. The company has a market cap of $8.14 billion, a price-to-earnings ratio of -2.78 and a beta of 1.05. Lucid Group has a 12-month low of $2.29 and a 12-month high of $5.68.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The business 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 was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) EPS. On average, equities analysts forecast that Lucid Group will post -1.27 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vanguard Group Inc. raised its holdings in Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Norges Bank purchased a new stake in shares of Lucid Group in the fourth quarter valued at $22,208,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Lucid Group by 42.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp lifted its position in 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 buying an additional 581,082 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after buying an additional 474,534 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.