Morgan Stanley Upgrades Lucid Group (NASDAQ:LCID) to “Equal Weight”

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, Marketbeat.com reports. Morgan Stanley currently has $3.00 price target on the stock.

A number of other equities research analysts have also issued reports on the stock. Cowen initiated coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Stifel Nicolaus decreased their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, Royal Bank of Canada lowered their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Down 6.6 %

Shares of LCID opened at $2.28 on Tuesday. The company’s 50-day simple moving average is $2.68 and its 200-day simple moving average is $2.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group has a 1 year low of $1.93 and a 1 year high of $4.43. The stock has a market capitalization 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 added to or reduced their stakes in the stock. California State Teachers Retirement System grew its position in shares of Lucid Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock valued at $2,654,000 after buying an additional 8,023 shares during the last quarter. 111 Capital acquired a new stake in shares of Lucid Group during the fourth quarter worth about $52,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC boosted its position in shares of 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 period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after buying an additional 504,171 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.