Lucid Group (NASDAQ:LCID) Given New $3.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley cut Lucid Group’s price target from $5.00 to $3.00 and maintained an “underweight” rating, implying roughly 12.9% downside from the stock’s $3.44 price.
• Analyst sentiment remains cautious: Lucid has a consensus “Reduce” rating, with one Buy, nine Hold, and three Sell ratings, and an average price target of $8.67.
• Lucid’s latest quarter showed revenue rising 56.2% year over year to $405.35 million, but the company missed on adjusted earnings and continues to post significant losses; analysts forecast a full-year loss of $12.15 per share.

Lucid Group (NASDAQ:LCID - Get Free Report) had its price target lowered by analysts at Morgan Stanley from $5.00 to $3.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Morgan Stanley's price target would suggest a potential downside of 12.92% from the stock's current price.

A number of other research analysts have also weighed in on LCID. Royal Bank Of Canada cut their price objective on Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a report on Monday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a report on Monday, September 21st. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. William Blair lowered Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. Finally, Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, August 19th. One research 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $8.67.

Lucid Group Stock Up 4.7%

LCID stock traded up $0.15 during trading on Thursday, hitting $3.44. The company had a trading volume of 5,266,323 shares, compared to its average volume of 13,317,616. The firm has a market capitalization of $1.36 billion, a P/E ratio of -0.25 and a beta of 1.00. Lucid Group has a 52-week low of $2.37 and a 52-week high of $21.85. The company has a 50 day simple moving average of $4.77 and a 200-day simple moving average of $5.97.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its 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). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The company had revenue of $405.35 million for the quarter, compared to analysts' expectations of $381.59 million. During the same quarter in the prior year, the company earned ($0.24) EPS. The firm's quarterly revenue was up 56.2% on a year-over-year basis. Sell-side analysts forecast that Lucid Group will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its stake in shares of Lucid Group by 6.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company's stock worth $378,000 after buying an additional 2,520 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after buying an additional 2,740 shares in the last quarter. Allworth Financial LP grew its holdings in Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company's stock worth $27,000 after acquiring an additional 2,864 shares during the period. 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 acquiring 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 acquiring an additional 4,485 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

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.

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