Lucid Group (NASDAQ:LCID) Stock Gets Price Target Reduction from Cantor Fitzgerald

by · The Cerbat Gem

Lucid Group (NASDAQ:LCID – Free Report) had its target price trimmed by Cantor Fitzgerald from $8.00 to $6.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

LCID has been the topic of a number of other reports. William Blair cut shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Citigroup cut their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Finally, Morgan Stanley reduced their price target on Lucid Group from $5.00 to $3.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average target price of $7.11.

Get Our Latest Research Report on Lucid Group

Lucid Group Stock Down 11.2%

Shares of LCID opened at $3.26 on Tuesday. The stock’s fifty day simple moving average is $3.76 and its 200-day simple moving average is $6.57. The firm has a market capitalization of $1.28 billion, a PE ratio of -0.25 and a beta of 0.80. Lucid Group has a 12-month low of $2.37 and a 12-month high of $16.46.

Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($2.30) EPS for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.03). The firm had revenue of $350.32 million during the quarter, compared to analyst estimates of $395.67 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 253.58%. Lucid Group’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($2.65) earnings per share. Analysts anticipate that Lucid Group will post -11.56 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares in the last quarter. IFP Advisors Inc increased its position in shares of Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after buying an additional 3,497 shares in the last quarter. Allworth Financial LP increased its position in shares of Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after buying an additional 2,864 shares in the last quarter. Nykredit A S bought a new stake in shares of Lucid Group in the 2nd quarter valued at $47,000. Finally, Meeder Advisory Services Inc. acquired a new stake in Lucid Group during the 1st quarter worth $98,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Key Stories Impacting Lucid Group

Here are a few of the latest stories about LCID:

  • Positive Sentiment: Lucid highlighted progress on its earnings call, including lower cash burn and growth in its service network. The company has also secured a $1.75 billion credit-line expansion and has backing from Saudi Arabia’s Public Investment Fund, which could help extend its funding runway. Earnings call article Credit line article
  • Negative Sentiment: A report of 4,400 Gravity SUV recalls and a delay to the Cosmos SUV add execution concerns. The delay could postpone a key opportunity to improve sales and reduce reliance on additional financing. Recall and delay article
  • Negative Sentiment: Several analysts lowered price targets after the results, adding to concerns that Lucid’s near-term financial performance may not justify expectations. Analyst target cuts article

Lucid Group Company Profile

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Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.

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