Lucid Group (NASDAQ:LCID) Price Target Cut to $21.00 by Analysts at Cantor Fitzgerald

Lucid Group (NASDAQ:LCID) had its price target cut by equities researchers at Cantor Fitzgerald from $26.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 21.03% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Lucid Group in a report on Wednesday, October 8th. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Finally, Morgan Stanley increased their price target on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average price target of $23.74.

Lucid Group Trading Up 0.6%

Shares of NASDAQ:LCID opened at $17.35 on Thursday. The company has a 50 day moving average of $20.31 and a 200-day moving average of $22.61. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The firm has a market cap of $5.33 billion, a P/E ratio of -1.53 and a beta of 0.80. Lucid Group has a twelve month low of $15.25 and a twelve month high of $36.40.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same period in the prior year, the business earned ($2.76) earnings per share. The business’s revenue was up 68.3% compared to the same quarter last year. As a group, analysts anticipate that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its stake in shares of Lucid Group by 23.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 142,359 shares of the company’s stock valued at $345,000 after buying an additional 26,651 shares during the period. Teacher Retirement System of Texas acquired a new position in Lucid Group during the 1st quarter valued at about $422,000. OneDigital Investment Advisors LLC bought a new position in shares of Lucid Group in the 1st quarter valued at about $55,000. World Investment Advisors grew its position in shares of Lucid Group by 30.5% during the 1st quarter. World Investment Advisors now owns 78,325 shares of the company’s stock worth $190,000 after buying an additional 18,284 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Lucid Group by 4.5% during the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock worth $7,480,000 after buying an additional 132,497 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

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.