Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by First Trust Advisors LP

First Trust Advisors LP reduced its position in Lucid Group, Inc. (NASDAQ:LCIDFree Report) by 23.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,632,216 shares of the company’s stock after selling 2,959,579 shares during the period. First Trust Advisors LP owned approximately 0.42% of Lucid Group worth $40,552,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Lucid Group by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 74,075,588 shares of the company’s stock valued at $414,083,000 after purchasing an additional 913,415 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Lucid Group by 10.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after acquiring an additional 1,060,588 shares in the last quarter. Invesco Ltd. lifted its position in Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after acquiring an additional 1,763,443 shares in the last quarter. Norges Bank acquired a new position in Lucid Group during the 4th quarter worth approximately $22,208,000. Finally, Northern Trust Corp lifted its position in Lucid Group by 13.8% during the 3rd quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock worth $29,090,000 after acquiring an additional 631,728 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Performance

LCID stock opened at $2.73 on Friday. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49. The firm has a market cap of $6.30 billion, a P/E ratio of -2.15 and a beta of 1.06. Lucid Group, Inc. has a 12-month low of $2.29 and a 12-month high of $8.37. The stock’s 50 day simple moving average is $2.69 and its 200 day simple moving average is $3.27.

Lucid Group (NASDAQ:LCIDGet Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.43) earnings per share. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.16 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, May 7th. Robert W. Baird reduced 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. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America cut their target price 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. Finally, 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. Three investment 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, Lucid Group currently has an average rating of “Hold” and a consensus price target of $4.24.

View Our Latest Report on LCID

About Lucid Group

(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

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

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