Needham & Company LLC Reaffirms "Buy" Rating for Lucid Diagnostics (NASDAQ:LUCD)

Key Points

• Needham & Company LLC has reaffirmed a "Buy" rating for Lucid Diagnostics (NASDAQ: LUCD) with a target price of $3.00, suggesting a potential upside of 203.64% from its previous close.
• Despite the optimism from some analysts, the stock has mixed ratings, with one sell rating, four buy ratings, and an average target price of $3.55.
• Lucid Diagnostics' stock has seen a decline of 1.0%, trading at $0.99, with a market cap of $106.89 million.

Needham & Company LLC reaffirmed their buy rating on shares of Lucid Diagnostics (NASDAQ:LUCD - Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $3.00 price target on the stock.

Several other equities research analysts have also recently weighed in on LUCD. Wall Street Zen cut Lucid Diagnostics from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $2.00 target price on shares of Lucid Diagnostics in a report on Thursday, May 15th. Finally, Ascendiant Capital Markets increased their price target on Lucid Diagnostics from $7.50 to $7.75 and gave the stock a "buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $3.55.

Lucid Diagnostics Price Performance

NASDAQ:LUCD remained flat at $1.02 during trading hours on Wednesday. The company had a trading volume of 677,614 shares, compared to its average volume of 985,880. The stock has a fifty day simple moving average of $1.12 and a two-hundred day simple moving average of $1.27. The stock has a market capitalization of $110.65 million, a P/E ratio of -0.86 and a beta of 1.21. Lucid Diagnostics has a fifty-two week low of $0.73 and a fifty-two week high of $1.80.

Hedge Funds Weigh In On Lucid Diagnostics

Several large investors have recently bought and sold shares of the stock. LPL Financial LLC lifted its stake in Lucid Diagnostics by 29.1% during the 4th quarter. LPL Financial LLC now owns 53,391 shares of the company's stock valued at $44,000 after acquiring an additional 12,035 shares in the last quarter. Berkshire Asset Management LLC PA purchased a new position in shares of Lucid Diagnostics in the first quarter worth about $30,000. Goldman Sachs Group Inc. lifted its position in shares of Lucid Diagnostics by 35.7% during the first quarter. Goldman Sachs Group Inc. now owns 86,302 shares of the company's stock worth $129,000 after acquiring an additional 22,727 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Lucid Diagnostics in the first quarter valued at $37,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Lucid Diagnostics in the second quarter valued at $29,000. 74.01% of the stock is currently owned by institutional investors.

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.