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

Morgan Stanley upgraded shares of Lucid Group (NASDAQ:LCID) from an underweight rating to an equal weight rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has $3.00 price target on the stock.

Several other analysts have also recently issued reports on the company. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 target price for the company. Cowen assumed coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating for the company. Stifel Nicolaus lowered their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Up 8.8 %

Shares of NASDAQ:LCID opened at $2.35 on Tuesday. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $2.71 and a two-hundred day moving average of $2.82. The stock has a market cap of $7.12 billion, a P/E ratio of -1.75 and a beta of 0.97. Lucid Group has a 52-week low of $1.93 and a 52-week high of $4.43.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. Newbridge Financial Services Group Inc. purchased a new position in Lucid Group during the 4th quarter valued at about $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the 4th quarter valued at about $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group in the 4th quarter valued at about $31,000. DRW Securities LLC acquired a new stake in Lucid Group in the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV acquired a new stake in Lucid Group in the 4th quarter valued at about $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.