Intech Investment Management LLC Sells 32,196 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Intech Investment Management LLC reduced its position in shares of Lucid Group, Inc. (NASDAQ:LCIDFree Report) by 68.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,638 shares of the company’s stock after selling 32,196 shares during the period. Intech Investment Management LLC’s holdings in Lucid Group were worth $62,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Commerce Bank grew its holdings in shares of Lucid Group by 159.9% during the fourth quarter. Commerce Bank now owns 81,334 shares of the company’s stock worth $342,000 after purchasing an additional 50,037 shares during the last quarter. Balentine LLC grew its holdings in shares of Lucid Group by 87.5% during the fourth quarter. Balentine LLC now owns 24,535 shares of the company’s stock worth $103,000 after purchasing an additional 11,451 shares during the last quarter. Norges Bank bought a new stake in shares of Lucid Group during the fourth quarter worth about $22,208,000. Independent Advisor Alliance grew its holdings in shares of Lucid Group by 52.0% during the fourth quarter. Independent Advisor Alliance now owns 99,337 shares of the company’s stock worth $418,000 after purchasing an additional 33,982 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in shares of Lucid Group by 225.4% during the fourth quarter. Panagora Asset Management Inc. now owns 137,322 shares of the company’s stock worth $578,000 after purchasing an additional 95,121 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Performance

Shares of LCID stock opened at $2.84 on Friday. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -2.24 and a beta of 1.04. Lucid Group, Inc. has a 52 week low of $2.29 and a 52 week high of $8.37. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average of $2.70 and a 200-day moving average of $3.32.

Lucid Group (NASDAQ:LCIDGet Free Report) last announced its quarterly earnings data on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period last year, the business earned ($0.43) EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities analysts forecast that Lucid Group, Inc. will post -1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LCID. Citigroup reiterated a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Robert W. Baird reduced their target price on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Finally, Bank of America reduced their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. 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.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.24.

Read Our Latest Analysis on LCID

Lucid Group Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Lucid Group (NASDAQ:LCID)

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