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

Cantor Fitzgerald reiterated their neutral rating on shares of Lucid Group (NASDAQ:LCID) in a report released on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has a $3.00 target price on the stock.

LCID has been the subject of several other reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a report on Monday, November 11th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Finally, Royal Bank of Canada lowered their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. 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 company. Based on data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $3.04.

Lucid Group Stock Performance

LCID stock opened at $3.18 on Tuesday. The business has a 50 day moving average of $2.49 and a 200-day moving average of $3.03. The firm has a market cap of $9.58 billion, a PE ratio of -2.37 and a beta of 0.94. Lucid Group has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund bought 374,717,927 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group during the 3rd quarter valued at $3,209,000. Bank of New York Mellon Corp increased its holdings in shares of Lucid Group by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after purchasing an additional 581,082 shares during the period. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group in the third quarter worth $863,000. Finally, Canada Pension Plan Investment Board boosted its stake in Lucid Group by 131.3% during the second quarter. Canada Pension Plan Investment Board now owns 420,428 shares of the company’s stock valued at $1,097,000 after buying an additional 238,628 shares during the period. 75.17% of the stock is 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.