Lucid Group (NASDAQ:LCID) Earns Underweight Rating from Cantor Fitzgerald

Lucid Group (NASDAQ:LCID)‘s stock had its “underweight” rating reiterated by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $4.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 50.94% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus cut their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley restated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, March 25th. Citigroup reaffirmed a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.24.

Lucid Group Stock Performance

LCID stock traded up $0.04 during trading on Monday, reaching $2.65. 8,748,866 shares of the company’s stock were exchanged, compared to its average volume of 29,848,428. The firm has a market cap of $6.11 billion, a PE ratio of -2.09 and a beta of 1.04. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. Lucid Group has a 1-year low of $2.29 and a 1-year high of $8.37. The company’s fifty day moving average price is $2.70 and its 200-day moving average price is $3.07.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.43) EPS. On average, research analysts expect that Lucid Group will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Cetera Advisors LLC lifted its position in Lucid Group by 84.5% during the 1st quarter. Cetera Advisors LLC now owns 19,015 shares of the company’s stock worth $54,000 after acquiring an additional 8,710 shares during the last quarter. Swedbank AB acquired a new position in shares of Lucid Group during the 1st quarter worth about $82,000. Tidal Investments LLC lifted its position in shares of Lucid Group by 12.7% during the 1st quarter. Tidal Investments LLC now owns 338,712 shares of the company’s stock worth $965,000 after purchasing an additional 38,072 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Lucid Group by 13.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 55,253 shares of the company’s stock valued at $157,000 after purchasing an additional 6,363 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after buying an additional 474,534 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.