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 report sent to investors on Tuesday morning, Marketbeat.com reports. Morgan Stanley currently has $3.00 target price on the stock.

Several other equities research analysts have also commented on LCID. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Benchmark reaffirmed a “buy” rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Price Performance

Shares of NASDAQ LCID opened at $2.28 on Tuesday. Lucid Group has a one year low of $1.93 and a one year high of $4.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a fifty day moving average of $2.68 and a 200 day moving average of $2.81. The firm has a market cap of $6.91 billion, a PE ratio of -1.70 and a beta of 0.97.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co raised its holdings in Lucid Group by 27.8% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after buying an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Lucid Group by 43.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after acquiring an additional 4,296 shares during the period. Sei Investments Co. lifted its holdings in shares of Lucid Group by 14.0% in the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after acquiring an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after purchasing an additional 4,591 shares during the period. Finally, Alpine Global Management LLC increased its holdings in Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.