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Investing.com - Cantor Fitzgerald has reiterated its Neutral rating on Lucid Group Inc. (NASDAQ:LCID) while adjusting its price target to $20.00 following the company’s recent reverse stock split. According to InvestingPro data, analyst targets for LCID range from $10 to $70, with the stock currently showing signs of being oversold based on RSI indicators.
The electric vehicle manufacturer completed a 1-for-10 reverse stock split on September 2, which consolidated approximately 3.07 billion outstanding shares into roughly 307.3 million shares. The move also reduced Lucid’s authorized common shares from 15 billion to 1.5 billion.
The stock split increased Lucid’s per-share price from approximately $1.98 at market close on August 29 to $18.90 when markets opened on September 2, effectively maintaining the same overall market capitalization.
According to Cantor Fitzgerald, Lucid’s management implemented the reverse split hoping to make the company’s equity shares accessible to a "broader universe of long-only institutional investors."
Cantor Fitzgerald noted it will host meetings with Lucid’s Interim CEO and CFO for investors in New York on September 22, providing an opportunity for further discussion about the company’s strategy following the stock split.
In other recent news, Lucid Group, Inc. completed a 1-for-10 reverse stock split, consolidating its outstanding shares from approximately 3.07 billion to about 307.3 million. This move also involved reducing authorized common shares from 15 billion to 1.5 billion, following shareholder and board approvals. In light of these developments, Cantor Fitzgerald raised its price target for Lucid to $20 while maintaining a Neutral rating. Additionally, Lucid announced the closing of a $300 million investment from Uber Technologies, supporting their joint development of autonomous vehicles. These robotaxis will be produced at Lucid’s Arizona facility and will operate exclusively on Uber’s platform.
Meanwhile, Lucid Diagnostics received positive feedback as Canaccord Genuity reiterated its Buy rating, maintaining a $3.00 price target. This reaffirmation followed a Medicare Administrative Contractors meeting that reassessed the use of Lucid’s EsoGuard test. These developments reflect ongoing strategic moves and partnerships aimed at enhancing Lucid’s market position.
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