Canaccord Genuity Group Downgrades Lilium (NASDAQ:LILM) to Hold

Lilium (NASDAQ:LILM) was downgraded by research analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

LILM has been the topic of several other reports. Cantor Fitzgerald lowered shares of Lilium from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $2.00 to $1.00 in a research note on Friday. Canaccord Genuity Group reiterated a “hold” rating and set a $0.70 price target (down from $1.85) on shares of Lilium in a research note on Thursday.

Lilium Stock Down 15.2 %

NASDAQ:LILM opened at $0.49 on Thursday. Lilium has a 1 year low of $0.46 and a 1 year high of $1.41. The stock has a 50-day simple moving average of $0.74 and a 200-day simple moving average of $0.85.

Hedge Funds Weigh In On Lilium

Hedge funds have recently modified their holdings of the business. XTX Topco Ltd purchased a new stake in Lilium in the 2nd quarter valued at $25,000. Warberg Asset Management LLC acquired a new position in Lilium in the second quarter valued at $27,000. Financial Designs Corp purchased a new stake in shares of Lilium in the second quarter valued at about $32,000. Virtu Financial LLC acquired a new stake in shares of Lilium during the first quarter worth about $32,000. Finally, Freestone Capital Holdings LLC purchased a new position in shares of Lilium during the first quarter worth about $55,000. 8.30% of the stock is currently owned by hedge funds and other institutional investors.

Lilium Company Profile

Lilium N.V. engages in the research and development of electric vertical takeoff and landing aircrafts and jet for use in high-speed air transport system for people and goods. It also provides aircraft manufacturer services, including training services, maintenance operations, material management and global distribution, flight operations support, ground service equipment, and digital solutions.