Lucid Group (NASDAQ:LCID) Earns “Underweight” Rating from Morgan Stanley

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

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

Lucid Group Stock Up 7.6 %

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

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

Institutional Investors Weigh In On Lucid Group

Several large investors have recently bought and sold shares of LCID. HighPoint Advisor Group LLC acquired a new position in shares of Lucid Group in the fourth quarter valued at approximately $46,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Lucid Group by 24.4% during the fourth 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 during the period. Vanguard Group Inc. lifted its position in 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 acquiring an additional 9,175,312 shares in the last quarter. Wellington Management Group LLP acquired a new position in Lucid Group in the 4th quarter worth $114,000. Finally, Royal London Asset Management Ltd. increased its holdings in 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 in the last quarter. 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.