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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reissued by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Friday,Benzinga reports. They presently have a $3.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 30.15% from the stock’s previous close.

A number of other equities analysts also recently commented on LCID. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research report on Tuesday, March 18th. Finally, Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

LCID traded down $0.12 during trading on Friday, reaching $2.31. The company’s stock had a trading volume of 6,396,508 shares, compared to its average volume of 54,521,969. The company has a market cap of $6.99 billion, a price-to-earnings ratio of -1.71 and a beta of 0.97. The firm has a fifty day simple moving average of $2.62 and a two-hundred day simple moving average of $2.77. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Public Investment Fund raised its position in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its stake in shares of Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after buying an additional 4,844,782 shares during the period. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the period. Hedge funds and other institutional investors 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.