Lucid Group (NASDAQ:LCID) Given “Neutral” Rating at Cantor Fitzgerald

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reiterated by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $3.00 price target on the stock. Cantor Fitzgerald’s price objective suggests a potential downside of 9.91% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Monday, October 7th. Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. Finally, Royal Bank of Canada lowered their price target 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.04.

Lucid Group Stock Up 1.2 %

Shares of NASDAQ:LCID opened at $3.33 on Tuesday. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of -2.49 and a beta of 0.94. The firm’s 50 day moving average price is $2.48 and its 200 day moving average price is $3.03.

Insider Activity at Lucid Group

In related news, Director Public Investment Fund purchased 374,717,927 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the transaction, the director now directly owns 8,041,393 shares of the company’s stock, valued at approximately $20,827,207.87. The trade was a -102.19 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 61.26% of the stock is owned by insiders.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the 3rd quarter worth $3,209,000. Bank of New York Mellon Corp boosted 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 valued at $7,000,000 after acquiring an additional 581,082 shares in the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Lucid Group during the third quarter worth about $863,000. Finally, Canada Pension Plan Investment Board raised its holdings 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 worth $1,097,000 after purchasing an additional 238,628 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.