Lucid Group (NASDAQ:LCID) Receives Underweight Rating from Morgan Stanley

Morgan Stanley restated their underweight rating on shares of Lucid Group (NASDAQ:LCID) in a research report report published on Monday morning, Benzinga reports. Morgan Stanley currently has a $3.00 price objective on the stock.

LCID has been the subject of several other research reports. Stifel Nicolaus cut their target price on Lucid Group from $5.00 to $4.00 and set a hold rating for the company in a research note on Monday, February 26th. Needham & Company LLC downgraded Lucid Group from a buy rating to a hold rating in a research report on Monday, November 27th. Bank of America decreased their target price on shares of Lucid Group from $7.00 to $4.50 and set a neutral rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a neutral rating for the company in a research report on Thursday, February 22nd. Finally, Cantor Fitzgerald cut shares of Lucid Group from a neutral rating to an underweight rating and lowered their price objective for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Lucid Group has an average rating of Hold and a consensus price target of $4.80.

Lucid Group Trading Up 7.6 %

Shares of LCID opened at $2.97 on Monday. Lucid Group has a 12-month low of $2.54 and a 12-month high of $8.87. The firm has a market capitalization of $6.83 billion, a P/E ratio of -2.12 and a beta of 1.04. The firm has a 50-day moving average price of $3.14 and a 200 day moving average price of $4.04. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The business’s quarterly revenue was down 39.0% on a year-over-year basis. During the same period last year, the company earned ($0.40) EPS. Sell-side analysts forecast that Lucid Group will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently bought and sold shares of LCID. HighPoint Advisor Group LLC purchased a new stake in shares of Lucid Group during the fourth quarter worth approximately $46,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 24.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,706,434 shares of the company’s stock worth $7,184,000 after acquiring an additional 334,923 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Lucid Group by 12.4% in the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after purchasing an additional 9,175,312 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Lucid Group in the 4th quarter valued at $114,000. Finally, Royal London Asset Management Ltd. lifted its position in shares of Lucid Group by 2.0% during the 4th quarter. Royal London Asset Management Ltd. now owns 290,103 shares of the company’s stock worth $1,221,000 after purchasing an additional 5,627 shares during the last quarter. Hedge funds and other 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.