Lucid Group (NASDAQ:LCID) Raised to Equal Weight at Morgan Stanley

Lucid Group (NASDAQ:LCID) was upgraded by Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $3.00 target price on the stock. Morgan Stanley’s target price would suggest a potential upside of 22.95% from the company’s previous close.

LCID has been the topic of several other research reports. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Benchmark restated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Trading Up 3.8 %

NASDAQ:LCID opened at $2.44 on Tuesday. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a market capitalization of $7.40 billion, a PE ratio of -1.82 and a beta of 0.97. The business’s 50-day simple moving average is $2.70 and its 200-day simple moving average is $2.82.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $31,000. DRW Securities LLC bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group during the 4th quarter worth approximately $32,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.