Raymond James & Associates Has $819,000 Stake in Lucid Group, Inc. (NASDAQ:LCID)

Raymond James & Associates trimmed its stake in Lucid Group, Inc. (NASDAQ:LCID) by 8.6% during the fourth quarter, Holdings Channel reports. The fund owned 194,586 shares of the company’s stock after selling 18,418 shares during the quarter. Raymond James & Associates’ holdings in Lucid Group were worth $819,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LCID. Invesco Ltd. raised its position in shares of Lucid Group by 41.8% in the third 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 during the period. Jump Financial LLC bought a new position in Lucid Group in the 3rd quarter worth $6,230,000. Vanguard Group Inc. lifted its position in Lucid Group by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 74,075,588 shares of the company’s stock worth $414,083,000 after acquiring an additional 913,415 shares during the last quarter. Northern Trust Corp boosted its holdings in Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after acquiring an additional 631,728 shares during the period. Finally, Alps Advisors Inc. grew its position in shares of Lucid Group by 19.8% in the third 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 during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Down 2.9 %

Shares of LCID stock opened at $2.38 on Tuesday. Lucid Group, Inc. has a one year low of $2.31 and a one year high of $8.37. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The stock has a fifty day moving average price of $2.93 and a 200 day moving average price of $3.66. The stock has a market cap of $5.47 billion, a P/E ratio of -1.70 and a beta of 1.01.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Finally, Citigroup reissued a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a report on Monday. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.34.

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.