Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. trimmed its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 6.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 168,501 shares of the company’s stock after selling 11,486 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Lucid Group were worth $709,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Alps Advisors Inc. raised its position in shares of Lucid Group by 19.8% in the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock valued at $18,453,000 after purchasing an additional 546,676 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Lucid Group by 10.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock valued at $23,562,000 after purchasing an additional 410,025 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Lucid Group by 46.5% in the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after purchasing an additional 20,168 shares in the last quarter. Invesco Ltd. raised its position in shares of Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in shares of Lucid Group in the 3rd quarter valued at approximately $544,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Bank of America dropped their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Stifel Nicolaus dropped their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Finally, Morgan Stanley reissued an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Price Performance

Shares of LCID opened at $2.40 on Wednesday. The company has a market cap of $5.52 billion, a P/E ratio of -1.71 and a beta of 1.01. The stock has a fifty day moving average price of $3.02 and a 200 day moving average price of $3.74. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. Lucid Group, Inc. has a 12 month low of $2.35 and a 12 month high of $8.37.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. During the same quarter in the previous year, the company earned ($0.40) earnings per share. Lucid Group’s quarterly revenue was down 39.0% compared to the same quarter last year. On average, research analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

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.