Lucid Group (NASDAQ:LCID) Upgraded to Equal Weight at Morgan Stanley

Morgan Stanley upgraded shares of Lucid Group (NASDAQ:LCID - Free Report) from an underweight rating to an equal weight rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $3.00 price objective on the stock.

A number of other brokerages have also recently weighed in on LCID. Cowen began coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America downgraded Lucid Group from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Benchmark restated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $2.69.

Lucid Group Trading Up 6.1 %

LCID stock traded up $0.14 during midday trading on Tuesday, reaching $2.42. 98,384,958 shares of the company's stock traded hands, compared to its average volume of 54,325,730. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The business has a 50-day moving average price of $2.68 and a two-hundred day moving average price of $2.81. The company has a market capitalization of $7.34 billion, a P/E ratio of -1.81 and a beta of 0.97.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Public Investment Fund increased its stake in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Two Sigma Investments LP grew its position in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC raised its stake in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new position in Lucid Group in the fourth quarter worth about $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.