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

Key Points

• Morgan Stanley has increased its price target for Lucid Group (NASDAQ: LCID) from $3.00 to $30.00, suggesting a potential upside of 57.32% based on the company's previous closing price.
• Lucid Group reported a quarterly earnings loss of ($2.80) per share, missing expectations and showing a negative net margin of 259.57% despite a 29.3% increase in revenue year over year.
• Investment ratings for Lucid Group are mixed, with two analysts rating it as a Buy, eight as Hold, and two as Sell, resulting in an average price target of $26.75.

Lucid Group (NASDAQ:LCID - Get Free Report) had its target price increased by equities researchers at Morgan Stanley to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 71.18% 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 research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $24.22.

Lucid Group Trading Down 0.8%

NASDAQ LCID traded down $0.14 on Tuesday, hitting $17.53. 8,235,725 shares of the company were exchanged, compared to its average volume of 11,554,384. The company's 50 day moving average price is $22.87 and its 200-day moving average price is $23.75. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The firm has a market capitalization of $53.85 billion, a P/E ratio of -15.29 and a beta of 0.78. Lucid Group has a twelve month low of $17.36 and a twelve month high of $40.80.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The company had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.Lucid Group's quarterly revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.90) EPS. Analysts predict that Lucid Group will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the stock. HB Wealth Management LLC bought a new stake in Lucid Group during the first quarter worth approximately $25,000. Sterling Investment Counsel LLC bought a new stake in Lucid Group during the first quarter worth approximately $25,000. Grimes & Company Inc. bought a new stake in Lucid Group during the first quarter worth approximately $27,000. Ground Swell Capital LLC bought a new stake in Lucid Group during the fourth quarter worth approximately $34,000. Finally, Integrity Alliance LLC. bought a new stake in Lucid Group during the first quarter worth approximately $27,000. Institutional investors own 75.17% of the company's stock.

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.