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

Lucid Group (NASDAQ:LCID)‘s stock had its “neutral” rating reiterated by equities researchers at Cantor Fitzgerald in a research note issued on Monday,Benzinga reports. They currently have a $14.00 target price on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 109.74% from the company’s current price.

LCID has been the topic of a number of other research reports. Benchmark reissued a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Bank of America began coverage on shares of Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price on the stock. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Royal Bank Of Canada cut their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Finally, TD Cowen reissued a “hold” rating and issued a $10.00 target price (down from $19.00) on shares of Lucid Group in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus target price of $12.25.

Lucid Group Stock Performance

Shares of NASDAQ:LCID traded up $0.14 during trading on Monday, reaching $6.68. 2,550,905 shares of the company’s stock traded hands, compared to its average volume of 10,481,680. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. Lucid Group has a 12 month low of $5.62 and a 12 month high of $33.70. The company has a 50 day moving average of $9.06 and a 200-day moving average of $11.67. The stock has a market capitalization of $2.19 billion, a P/E ratio of -0.55 and a beta of 0.88.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Royal Bank of Canada raised its holdings in shares of Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after buying an additional 9,578 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after buying an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after buying an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after buying an additional 11,252 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.