Cantor Fitzgerald Issues Pessimistic Forecast for Lucid Group (NASDAQ:LCID) Stock Price

Lucid Group (NASDAQ:LCID) had its price objective reduced by equities research analysts at Cantor Fitzgerald from $26.00 to $21.00 in a research note issued on Thursday, MarketBeat Ratings reports. The firm presently has a “neutral” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 21.53% from the company’s current price.

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

Lucid Group Trading Down 3.8%

Lucid Group stock opened at $17.28 on Thursday. The stock has a 50-day simple moving average of $20.18 and a 200 day simple moving average of $22.53. The stock has a market capitalization of $5.31 billion, a P/E ratio of -1.61 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a quick ratio of 2.11 and a current ratio of 1.81. Lucid Group has a 52 week low of $15.25 and a 52 week high of $36.40.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The firm’s revenue was up 68.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.76) earnings per share. Analysts expect that Lucid Group will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of the business. HB Wealth Management LLC bought a new stake in shares of Lucid Group during the 1st quarter worth $25,000. Cigna Investments Inc. New bought a new position in Lucid Group in the second quarter valued at about $25,000. Valeo Financial Advisors LLC raised its stake in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Tyche Wealth Partners LLC acquired a new position in Lucid Group during the second quarter worth about $26,000. Finally, Integrity Alliance LLC. bought a new position in shares of Lucid Group in the first quarter worth about $27,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.