Lucid Group (NASDAQ:LCID) Price Target Cut to $6.00 by Analysts at Cantor Fitzgerald

Lucid Group (NASDAQ:LCID) had its price target lowered by equities researchers at Cantor Fitzgerald from $8.00 to $6.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Cantor Fitzgerald‘s target price indicates a potential upside of 66.67% from the company’s current price.

Several other research firms have also recently weighed in on LCID. UBS Group restated a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. William Blair lowered shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Citigroup reduced their target price on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Finally, Morgan Stanley decreased their price target on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. One equities 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $7.67.

Lucid Group Stock Up 9.4%

NASDAQ LCID opened at $3.60 on Tuesday. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -0.26 and a beta of 0.80. Lucid Group has a twelve month low of $2.37 and a twelve month high of $17.80. The business’s fifty day moving average is $3.83 and its 200 day moving average is $6.69.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Monday, November 9th. The company reported ($2.30) earnings per share (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 249.21%. Lucid Group’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the company earned ($2.65) EPS. On average, research analysts anticipate that Lucid Group will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at $72,000. Ethic Inc. raised its stake in Lucid Group by 101.0% during the third quarter. Ethic Inc. now owns 22,746 shares of the company’s stock worth $93,000 after buying an additional 11,431 shares during the last quarter. Calamos Advisors LLC lifted its holdings in Lucid Group by 40.0% in the third quarter. Calamos Advisors LLC now owns 525,000 shares of the company’s stock valued at $2,137,000 after buying an additional 150,000 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lucid Group in the third quarter valued at $344,000. Finally, Apollon Wealth Management LLC boosted its position in Lucid Group by 60.4% during the third quarter. Apollon Wealth Management LLC now owns 27,478 shares of the company’s stock valued at $112,000 after acquiring an additional 10,342 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Key Lucid Group News

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid secured an additional $1.75 billion in delayed-draw financing from Saudi Arabia’s Public Investment Fund, its largest shareholder. The added funding boosts liquidity as the company works through its turnaround. Reuters article
• Positive Sentiment: The company said quarterly cash consumption fell 30% sequentially, a sign of progress on cost and cash-flow initiatives. Lucid third-quarter results
• Neutral Sentiment: Lucid’s Q3 results were mixed across earnings measures: one estimate showed a narrower adjusted loss than expected, but reported EPS missed consensus and revenue of about $350 million was below analyst forecasts, despite growing year over year. Zacks earnings article
• Negative Sentiment: Production was cut to 2,954 vehicles, down 24% from the prior quarter, while deliveries of 3,806 missed expectations. Lower output reflects efforts to align production with demand, but also highlights execution and sales challenges. Production and demand article

About Lucid Group

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.

Lucid sells its vehicles in markets including North America, Europe and the Middle East.