Lucid Group (NASDAQ:LCID) Price Target Cut to $3.00 by Analysts at Morgan Stanley

Lucid Group (NASDAQ:LCID) had its price objective dropped by stock analysts at Morgan Stanley from $5.00 to $3.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price objective indicates a potential downside of 12.92% from the stock’s previous close.

Several other equities research analysts also recently weighed in on LCID. Royal Bank Of Canada decreased their target price on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a research report on Monday. UBS Group reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, October 6th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Finally, Citigroup lowered their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Trading Up 4.7%

Shares of NASDAQ LCID traded up $0.15 during trading on Thursday, reaching $3.44. The company had a trading volume of 5,266,323 shares, compared to its average volume of 13,317,616. Lucid Group has a twelve month low of $2.37 and a twelve month high of $21.85. The stock has a market capitalization of $1.36 billion, a PE ratio of -0.25 and a beta of 1.00. The stock has a 50-day moving average price of $4.77 and a two-hundred day moving average price of $5.97.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The business had revenue of $405.35 million during the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter last year, the firm earned ($0.24) EPS. The firm’s quarterly revenue was up 56.2% compared to the same quarter last year. On average, sell-side analysts predict that Lucid Group will post -12.15 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Bank of New York Mellon Corp bought a new position in Lucid Group during the 2nd quarter worth $3,125,000. Headlands Technologies LLC acquired a new stake in Lucid Group in the second quarter worth $1,368,000. Lazard Asset Management LLC lifted its stake in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after buying an additional 200,604 shares during the last quarter. Bank of America Corp DE lifted its stake in Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after buying an additional 189,134 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after buying an additional 144,089 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.