Van ECK Associates Corp Boosts Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Van ECK Associates Corp grew its position in Lucid Group, Inc. (NASDAQ:LCID) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 669,471 shares of the company’s stock after acquiring an additional 43,149 shares during the quarter. Van ECK Associates Corp’s holdings in Lucid Group were worth $2,818,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC purchased a new position in Lucid Group in the 4th quarter worth approximately $28,000. UniSuper Management Pty Ltd lifted its position in Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after buying an additional 3,700 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in Lucid Group during the third quarter worth approximately $38,000. Tyche Wealth Partners LLC purchased a new stake in Lucid Group in the 4th quarter valued at $43,000. Finally, MGO Private Wealth LLC acquired a new stake in shares of Lucid Group in the 4th quarter worth $43,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 14.1 %

NASDAQ:LCID opened at $2.62 on Wednesday. Lucid Group, Inc. has a 52 week low of $2.29 and a 52 week high of $8.37. The stock’s fifty day moving average is $2.77 and its two-hundred day moving average is $3.49. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of -1.87 and a beta of 1.04. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The firm had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. Lucid Group’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.43) EPS. Research analysts anticipate that Lucid Group, Inc. will post -1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Robert W. Baird lowered their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Bank of America cut their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Citigroup reiterated a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Tuesday. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Lucid Group currently has an average rating of “Hold” and an average price target of $4.34.

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.