Lucid Group (NASDAQ:LCID) Price Target Cut to $4.00 by Analysts at Morgan Stanley

Lucid Group (NASDAQ:LCID) had its price objective trimmed by Morgan Stanley from $5.00 to $4.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other research analysts have also issued reports about the stock. Cantor Fitzgerald lowered shares of Lucid Group from an overweight rating to a neutral rating and dropped their price target for the stock from $10.00 to $6.00 in a research note on Wednesday, November 8th. Needham & Company LLC lowered their target price on shares of Lucid Group from $9.00 to $5.00 and set a buy rating on the stock in a research report on Wednesday, November 8th. Citigroup lowered their target price on shares of Lucid Group from $8.00 to $7.50 and set a neutral rating on the stock in a research report on Wednesday, August 9th. R. F. Lafferty lowered shares of Lucid Group from a buy rating to a hold rating and lowered their target price for the stock from $10.00 to $5.00 in a research report on Wednesday, November 8th. Finally, Robert W. Baird initiated coverage on shares of Lucid Group in a research report on Tuesday, September 5th. They set a neutral rating and a $7.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Lucid Group has a consensus rating of Hold and an average price target of $6.55.

Lucid Group Trading Up 1.1 %

Shares of Lucid Group stock opened at $3.80 on Thursday. Lucid Group has a 52-week low of $3.62 and a 52-week high of $17.81. The company has a quick ratio of 6.11, a current ratio of 5.19 and a debt-to-equity ratio of 0.38. The company’s 50-day simple moving average is $5.05 and its 200-day simple moving average is $6.24. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of -2.73 and a beta of 1.17.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Lucid Group had a negative return on equity of 58.91% and a negative net margin of 380.45%. The firm had revenue of $137.81 million for the quarter, compared to analyst estimates of $185.10 million. During the same quarter last year, the firm earned ($0.40) earnings per share. The company’s revenue was down 29.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Lucid Group will post -1.39 earnings per share for the current year.

Insider Activity at Lucid Group

In related news, SVP Michael Bell sold 46,735 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $6.01, for a total transaction of $280,877.35. Following the transaction, the senior vice president now owns 1,437,293 shares of the company’s stock, valued at $8,638,130.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 62.50% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Large investors have recently bought and sold shares of the stock. 1832 Asset Management L.P. purchased a new position in Lucid Group during the first quarter worth approximately $25,000. First Manhattan Co. raised its stake in Lucid Group by 666.7% during the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Twin Tree Management LP purchased a new position in Lucid Group during the first quarter worth approximately $35,000. Quent Capital LLC raised its stake in Lucid Group by 184.6% during the third quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock worth $25,000 after purchasing an additional 2,907 shares during the period. Finally, Harvest Fund Management Co. Ltd raised its stake in shares of Lucid Group by 103.3% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 4,789 shares of the company’s stock valued at $38,000 after acquiring an additional 2,433 shares during the period.

Lucid Group Company Profile

Lucid Group, Inc a technology and automotive company, engages in electric vehicle technologies business. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. Lucid Group, Inc was founded in 2007 and is headquartered in Newark, California. Lucid Group, Inc operates as a subsidiary of Ayar Third Investment Company.