Lucid Group (NASDAQ:LCID) Upgraded 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 released on Tuesday, MarketBeat reports. Morgan Stanley currently has $3.00 price target on the stock.

Several other equities research analysts have also weighed in on the company. TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Lucid Group currently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

LCID stock opened at $2.35 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The firm has a market capitalization of $7.12 billion, a P/E ratio of -1.75 and a beta of 0.97. The business’s 50-day moving average is $2.71 and its two-hundred day moving average is $2.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Public Investment Fund grew its stake in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Lucid Group in the fourth quarter valued at approximately $34,123,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

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.