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

Cantor Fitzgerald reiterated their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a research note issued to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $4.00 price objective on the stock.

Other analysts have also issued reports about the stock. Citigroup reaffirmed a neutral rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Royal Bank of Canada reaffirmed a sector perform rating and issued a $3.00 target price on shares of Lucid Group in a report on Friday, August 16th. Stifel Nicolaus reduced their price target on Lucid Group from $4.00 to $3.00 and set a hold rating for the company in a report on Wednesday, May 8th. Robert W. Baird reissued a neutral rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Lucid Group in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $3.71.

Lucid Group Trading Up 7.5 %

Lucid Group stock opened at $3.85 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.66 and a quick ratio of 4.12. The firm has a 50-day moving average of $3.13 and a 200-day moving average of $2.97. The company has a market cap of $8.88 billion, a price-to-earnings ratio of -3.03 and a beta of 1.04. Lucid Group has a one year low of $2.29 and a one year high of $6.45.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same quarter in the prior year, the business earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. On average, equities analysts expect that Lucid Group will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC acquired a new position in Lucid Group in the 4th quarter valued at $78,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Lucid Group by 138.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,316,946 shares of the company’s stock valued at $5,544,000 after acquiring an additional 764,361 shares during the last quarter. abrdn plc grew its position in Lucid Group by 95.3% in the fourth quarter. abrdn plc now owns 2,001,372 shares of the company’s stock valued at $8,426,000 after acquiring an additional 976,351 shares during the last quarter. Signaturefd LLC raised its stake in Lucid Group by 203.9% during the fourth quarter. Signaturefd LLC now owns 17,939 shares of the company’s stock worth $76,000 after acquiring an additional 12,036 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Lucid Group in the fourth quarter worth about $203,000. 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.