Wealth Enhancement Advisory Services LLC Sells 205,079 Shares of Lucid Group, Inc. $LCID

Wealth Enhancement Advisory Services LLC cut its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 91.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,872 shares of the company’s stock after selling 205,079 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Lucid Group were worth $437,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of LCID. Valeo Financial Advisors LLC grew its position in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after acquiring an additional 1,055 shares during the period. Concurrent Investment Advisors LLC purchased a new position in Lucid Group in the second quarter valued at approximately $29,000. Kingsview Wealth Management LLC purchased a new position in Lucid Group in the second quarter valued at approximately $30,000. Cypress Wealth Services LLC bought a new position in Lucid Group during the second quarter valued at $32,000. Finally, Brown Advisory Inc. increased its position in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $10.86 on Friday. The company’s fifty day moving average price is $11.43 and its 200-day moving average price is $17.22. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of -1.01 and a beta of 1.16. Lucid Group, Inc. has a one year low of $9.50 and a one year high of $35.90. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share 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 return on equity of 85.13% and a negative net margin of 224.99%.The business’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($2.76) EPS. On average, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LCID has been the topic of a number of research reports. Stifel Nicolaus lowered their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price target for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a report on Tuesday, January 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $18.92.

About Lucid Group

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.