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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reaffirmed by Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They presently have a $3.00 price objective on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 0.67% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.04.

Lucid Group Trading Down 6.3 %

Shares of Lucid Group stock opened at $2.98 on Tuesday. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. The stock has a market capitalization of $8.97 billion, a P/E ratio of -2.22 and a beta of 0.94. The company has a 50-day simple moving average of $2.51 and a 200 day simple moving average of $3.03. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insiders Place Their Bets

In related news, Director Public Investment Fund bought 374,717,927 shares of Lucid Group stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the acquisition, the director now owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Trading of Lucid Group

A number of hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. bought a new stake in shares of Lucid Group in the 3rd quarter valued at $3,209,000. Bank of New York Mellon Corp raised its stake in Lucid Group by 27.7% during the 2nd 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. Main Management ETF Advisors LLC bought a new position in Lucid Group during the third quarter worth about $863,000. Finally, Canada Pension Plan Investment Board grew its stake in Lucid Group by 131.3% in the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after acquiring an additional 238,628 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.