Cantor Fitzgerald Forecasts Strong Price Appreciation for Lucid Group (NASDAQ:LCID) Stock

Key Points

• Cantor Fitzgerald has raised its price target for Lucid Group (NASDAQ:LCID) from $20.00 to $26.00, indicating a potential upside of 16.91% from the current price.
• The consensus rating for Lucid Group from analysts is "Hold," with a consensus price target of $23.85.
• Lucid Group reported a quarterly loss of ($2.80) EPS, missing expectations and showing a 29.3% increase in year-over-year revenue despite the loss.

Lucid Group (NASDAQ:LCID - Get Free Report) had its price objective increased by analysts at Cantor Fitzgerald from $20.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Cantor Fitzgerald's price target suggests a potential upside of 16.91% from the stock's current price.

A number of other equities analysts have also issued reports on LCID. Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a research report on Friday, August 29th. Morgan Stanley boosted their price objective on shares of Lucid Group to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $23.85.

Lucid Group Stock Performance

Shares of LCID opened at $22.24 on Wednesday. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of -1.93 and a beta of 0.78. The company's fifty day moving average is $22.60 and its 200-day moving average is $23.18. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. Lucid Group has a 12 month low of $15.25 and a 12 month high of $37.30.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). The business had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company's revenue for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.90) earnings per share. Equities analysts expect that Lucid Group will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Sterling Investment Counsel LLC bought a new position in Lucid Group during the first quarter worth about $25,000. HB Wealth Management LLC acquired a new stake in shares of Lucid Group in the 1st quarter valued at approximately $25,000. Cigna Investments Inc. New bought a new position in Lucid Group during the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Finally, Tyche Wealth Partners LLC bought a new stake in Lucid Group in the second quarter valued at approximately $26,000. Institutional investors own 75.17% of the company's stock.

About Lucid Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.