Mirae Asset Global Investments Co. Ltd. Increases Position in Lucid Group, Inc. (NASDAQ:LCID)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 209,406 shares of the company’s stock after purchasing an additional 9,432 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Lucid Group were worth $486,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Accredited Investors Inc. purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC purchased a new position in Lucid Group during the fourth quarter valued at $31,000. Sterling Investment Counsel LLC purchased a new position in Lucid Group during the first quarter valued at $25,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Performance

NASDAQ LCID opened at $2.16 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The stock’s fifty day moving average is $2.36 and its two-hundred day moving average is $2.57. The firm has a market capitalization of $6.57 billion, a P/E ratio of -1.78 and a beta of 0.78. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43.

Lucid Group (NASDAQ:LCID) last posted 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 for the quarter, compared to analysts’ expectations of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm’s revenue was up 36.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.27) EPS. On average, research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Analysts Set New Price Targets

LCID has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Lucid Group from $2.00 to $3.00 and gave the stock a “neutral” rating in a research report on Monday, April 21st. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Finally, Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.68.

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.