Wall Street Zen Downgrades Lucid Diagnostics (NASDAQ:LUCD) to Sell

Key Points

• Lucid Diagnostics has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, indicating a negative outlook for the stock.
• Despite the downgrade, several other firms, including Needham & Company and Ascendiant Capital Markets, maintain a "buy" rating with target prices ranging from $2.50 to $7.75.
• Insider trading activity includes the purchase of 100,000 shares by Director Dennis Matheis, increasing his total stake in the company by 17.69%.

Lucid Diagnostics (NASDAQ:LUCD - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently issued reports on LUCD. Needham & Company LLC reissued a "buy" rating and set a $3.00 target price on shares of Lucid Diagnostics in a report on Wednesday, August 13th. BTIG Research upped their price target on shares of Lucid Diagnostics from $2.00 to $2.50 and gave the stock a "buy" rating in a report on Friday, September 5th. Finally, Ascendiant Capital Markets increased their target price on Lucid Diagnostics from $7.50 to $7.75 and gave the company a "buy" rating in a research note on Friday, June 6th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $3.65.

Lucid Diagnostics Trading Up 1.9%

Shares of NASDAQ:LUCD traded up $0.02 during mid-day trading on Friday, reaching $1.09. The company had a trading volume of 1,515,469 shares, compared to its average volume of 1,638,772. The firm has a market cap of $145.49 million, a price-to-earnings ratio of -0.92 and a beta of 1.24. The company's 50-day moving average price is $1.10 and its 200-day moving average price is $1.24. Lucid Diagnostics has a one year low of $0.73 and a one year high of $1.80.

Insider Buying and Selling at Lucid Diagnostics

In other news, Director Dennis Matheis bought 100,000 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $1.02 per share, for a total transaction of $102,000.00. Following the completion of the acquisition, the director owned 665,443 shares in the company, valued at approximately $678,751.86. This trade represents a 17.69% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new position in shares of Lucid Diagnostics during the 2nd quarter worth approximately $29,000. Berkshire Asset Management LLC PA bought a new position in shares of Lucid Diagnostics during the first quarter valued at approximately $30,000. Traphagen Investment Advisors LLC bought a new stake in shares of Lucid Diagnostics during the second quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. purchased a new position in Lucid Diagnostics in the 1st quarter worth approximately $37,000. Finally, JPMorgan Chase & Co. lifted its position in Lucid Diagnostics by 71,026.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,718 shares of the company's stock valued at $38,000 after acquiring an additional 32,672 shares in the last quarter. Hedge funds and other institutional investors own 74.01% of the company's stock.

About Lucid Diagnostics

Lucid Diagnostics Inc operates as a commercial-stage medical diagnostics technology company in the United States. The company focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer, primarily highly lethal esophageal adenocarcinoma.