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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reissued by equities researchers at Cantor Fitzgerald in a report released on Friday,Benzinga reports. They presently have a $3.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 29.31% from the company’s current price.

LCID has been the subject of several other research reports. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective for the company. Benchmark reaffirmed a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Stifel Nicolaus reduced their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

LCID opened at $2.32 on Friday. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97. The firm’s fifty day moving average price is $2.61 and its two-hundred day moving average price is $2.75.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the business. Public Investment Fund raised its holdings in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its position 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 purchasing an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of 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 purchasing an additional 15,493,320 shares during the period. Renaissance Technologies LLC lifted its holdings 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 in the last quarter. Finally, Two Sigma Advisers LP bought a new position in Lucid Group in the 4th quarter worth about $34,123,000. 75.17% of the stock is currently owned by hedge funds and other 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.