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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating restated by equities research analysts at Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They presently have a $3.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential downside of 9.91% from the stock’s previous close.

A number of other research firms also recently commented on LCID. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Cfra set a $2.00 price target on Lucid Group in a report on Thursday, October 17th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $3.33 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The firm has a market capitalization of $10.03 billion, a P/E ratio of -2.49 and a beta of 0.94. The company’s fifty day moving average is $2.48 and its two-hundred day moving average is $3.03.

Insider Buying and Selling

In other news, Director Public Investment Fund acquired 374,717,927 shares of Lucid Group stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average price of $2.59 per share, with a total value of $970,519,430.93. Following the completion of the purchase, the director now owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new stake in shares of Lucid Group in the second quarter valued at $26,000. Frank Rimerman Advisors LLC boosted its stake in Lucid Group by 925.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after buying an additional 9,250 shares during the last quarter. GAMMA Investing LLC grew its holdings in Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company’s stock valued at $36,000 after buying an additional 5,031 shares during the period. Lake Street Advisors Group LLC acquired a new position in shares of Lucid Group during the 2nd quarter valued at about $38,000. Finally, Crumly & Associates Inc. acquired a new position in shares of Lucid Group during the 3rd quarter valued at about $38,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.