Rhumbline Advisers Trims Stake in Lucid Group, Inc. (NASDAQ:LCID)

Rhumbline Advisers reduced its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 776,612 shares of the company’s stock after selling 9,994 shares during the period. Rhumbline Advisers’ holdings in Lucid Group were worth $2,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group in the fourth quarter worth approximately $28,000. First National Corp MA ADV bought a new position in shares of Lucid Group in the fourth quarter worth approximately $32,000. Yousif Capital Management LLC bought a new position in shares of Lucid Group in the fourth quarter worth approximately $32,000. Crumly & Associates Inc. bought a new position in shares of Lucid Group in the third quarter worth approximately $38,000. Finally, Wedge Capital Management L L P NC bought a new position in shares of Lucid Group in the fourth quarter worth approximately $33,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LCID. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research report on Monday, November 11th. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Stifel Nicolaus dropped their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average price target of $2.73.

Lucid Group Price Performance

Lucid Group stock opened at $2.22 on Monday. The company has a market cap of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The firm’s fifty day moving average is $2.96 and its 200 day moving average is $2.95. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43.

Lucid Group 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.