Ameriprise Financial Inc. Sells 31,084 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Ameriprise Financial Inc. cut its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 52.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,484 shares of the company’s stock after selling 31,084 shares during the quarter. Ameriprise Financial Inc.’s holdings in Lucid Group were worth $86,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group during the fourth quarter valued at about $28,000. Accredited Investors Inc. bought a new stake in Lucid Group during the fourth quarter valued at about $30,000. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at about $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group during the fourth quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group during the fourth quarter valued at about $32,000. 75.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on LCID shares. Robert W. Baird raised their price objective on Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a research report on Monday, April 21st. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. TD Cowen started coverage on Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.68.

Lucid Group Trading Up 0.9%

LCID opened at $2.15 on Friday. The firm has a market cap of $6.56 billion, a P/E ratio of -1.60 and a beta of 0.81. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.43. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average of $2.46 and a 200 day moving average of $2.59.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The company had revenue of $235.05 million during the quarter, compared to analysts’ expectations of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company’s revenue was up 36.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.27) EPS. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

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.