Lucid Group (NASDAQ:LCID) Given New $30.00 Price Target at Morgan Stanley

Lucid Group (NASDAQ:LCID) had its price objective increased by investment analysts at Morgan Stanley from $3.00 to $30.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 57.32% from the company’s previous close.

Separately, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $30.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Lucid Group has an average rating of “Hold” and an average price target of $26.75.

Lucid Group Stock Down 3.7%

Shares of Lucid Group stock opened at $19.07 on Tuesday. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The firm has a market cap of $58.59 billion, a P/E ratio of -16.62 and a beta of 0.78. Lucid Group has a fifty-two week low of $17.50 and a fifty-two week high of $42.85. The business has a 50-day moving average price of $22.95 and a 200 day moving average price of $23.79.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The firm had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.90) earnings per share. On average, sell-side analysts forecast that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S grew its holdings in Lucid Group by 27.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company’s stock worth $44,000 after buying an additional 3,882 shares in the last quarter. Voya Investment Management LLC grew its holdings in Lucid Group by 4.0% in the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after buying an additional 4,591 shares in the last quarter. Alpine Global Management LLC grew 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 worth $203,000 after buying an additional 4,653 shares in the last quarter. Amalgamated Bank boosted its stake in Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after purchasing an additional 4,720 shares in the last quarter. Finally, Heritage Wealth Advisors boosted its stake in Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock valued at $35,000 after purchasing an additional 5,000 shares in the last quarter. 75.17% of the stock is owned by institutional investors.

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.