Lucid Group (NASDAQ:LCID) Stock Gets Price Target Cut from Morgan Stanley

Lucid Group (NASDAQ:LCID) had its price objective reduced by Morgan Stanley from $5.00 to $3.00 in a research report sent to investors on Thursday,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

Other analysts have also issued research reports about the stock. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, October 12th. William Blair lowered shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada lowered their price target on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, October 12th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $8.67.

Lucid Group Stock Performance

NASDAQ LCID opened at $3.13 on Thursday. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -0.23 and a beta of 1.00. The stock’s 50 day moving average price is $4.62 and its two-hundred day moving average price is $5.90. Lucid Group has a 52 week low of $2.37 and a 52 week high of $20.61.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The firm had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. During the same period last year, the company earned ($0.24) EPS. The company’s revenue was up 56.2% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group will post -12.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. The Manufacturers Life Insurance Company raised its holdings in shares of Lucid Group by 6.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock valued at $378,000 after purchasing an additional 2,520 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after purchasing an additional 2,740 shares during the last quarter. Allworth Financial LP lifted its stake in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares during the last quarter. IFP Advisors Inc grew its holdings in Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock worth $25,000 after purchasing an additional 3,497 shares during the period. Finally, Pictet Asset Management Holding SA grew its holdings in Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock worth $213,000 after purchasing an additional 4,485 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.