Lucid Group (NASDAQ:LCID – Get Free Report)‘s stock had its “neutral” rating restated by investment analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They presently have a $4.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 10.50% from the company’s current price.
Several other equities research analysts have also commented on LCID. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of Lucid Group in a report on Thursday, September 12th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.71.
Get Our Latest Research Report on LCID
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to analysts’ expectations of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. The company’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.40) EPS. As a group, sell-side analysts expect that Lucid Group will post -1.27 EPS for the current fiscal year.
Insider Activity
In related news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now owns 2,028,268 shares in the company, valued at $6,368,761.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 61.26% of the company’s stock.
Institutional Trading of Lucid Group
A number of institutional investors have recently bought and sold shares of LCID. Vanguard Group Inc. raised its stake in shares of Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 83,740,087 shares of the company’s stock valued at $238,659,000 after acquiring an additional 489,187 shares during the period. Norges Bank bought a new stake in Lucid Group in the fourth quarter worth about $22,208,000. Bank of New York Mellon Corp boosted its position in shares of Lucid Group by 27.7% during the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after buying an additional 581,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after buying an additional 732,463 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Lucid Group by 34.0% during the first quarter. Van ECK Associates Corp now owns 897,379 shares of the company’s stock worth $2,558,000 after purchasing an additional 227,908 shares during the last quarter. 75.17% of the stock is currently 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.
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