VIRGINIA RETIREMENT SYSTEMS ET Al Has $782,000 Stake in Lucid Group, Inc. $LCID

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in Lucid Group, Inc. (NASDAQ:LCID) by 88.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,870 shares of the company’s stock after selling 250,630 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Lucid Group were worth $782,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC lifted its holdings in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares in the last quarter. Amalgamated Bank raised its position in Lucid Group by 9.3% in the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after buying an additional 4,720 shares during the last quarter. Heritage Wealth Advisors lifted its stake in Lucid Group by 43.5% in the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock valued at $35,000 after acquiring an additional 5,000 shares in the last quarter. Brown Advisory Inc. lifted its stake in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Lucid Group by 13.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock worth $87,000 after acquiring an additional 5,013 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LCID has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Finally, Stifel Nicolaus reduced their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Price Performance

Shares of LCID opened at $11.15 on Monday. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company’s fifty day simple moving average is $13.70 and its 200 day simple moving average is $19.27. Lucid Group, Inc. has a 1-year low of $10.45 and a 1-year high of $36.40. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -1.04 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The firm had revenue of $336.58 million during the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business’s revenue was up 68.3% on a year-over-year basis. During the same period last year, the business earned ($2.76) EPS. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Lucid Group Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.