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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reiterated by Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They presently have a $3.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 27.39% from the stock’s previous close.

Several other analysts have also recently issued reports on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price target on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Trading Down 1.9 %

LCID traded down $0.05 during trading on Thursday, reaching $2.36. The company had a trading volume of 81,057,953 shares, compared to its average volume of 56,730,086. Lucid Group has a 52 week low of $1.93 and a 52 week high of $4.43. The stock has a market cap of $7.14 billion, a P/E ratio of -1.76 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $2.72.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Public Investment Fund raised its stake in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. lifted its position in 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 purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP boosted its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC increased its position 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 purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in shares of Lucid Group during the 4th quarter worth approximately $34,123,000. 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.