Lucid Group (NASDAQ:LCID – Get Free Report) was upgraded by research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $3.00 price objective on the stock. Morgan Stanley’s price target points to a potential upside of 38.89% from the company’s current price.
Several other equities research analysts have also issued reports on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, TD Cowen assumed 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 given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.69.
View Our Latest Analysis on Lucid Group
Lucid Group Price Performance
Hedge Funds Weigh In On Lucid Group
A number of institutional investors and hedge funds have recently modified their holdings of the company. Point72 Italy S.r.l. purchased a new position in shares of Lucid Group in the 3rd quarter worth $3,209,000. Main Management ETF Advisors LLC bought a new position in shares of Lucid Group during the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. increased its stake in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC increased its stake in Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new position in Lucid Group in the 4th quarter worth about $301,000. 75.17% of the stock is currently owned by hedge funds and other 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.
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