Sumitomo Mitsui Trust Holdings Inc. Trims Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,037,885 shares of the company’s stock after selling 182,865 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.09% of Lucid Group worth $8,579,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LCID. Vontobel Holding Ltd. lifted its stake in Lucid Group by 150.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 160,585 shares of the company’s stock valued at $898,000 after acquiring an additional 96,451 shares during the period. Dynamic Advisor Solutions LLC lifted its stake in Lucid Group by 27.1% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 20,703 shares of the company’s stock valued at $116,000 after acquiring an additional 4,409 shares during the period. DnB Asset Management AS lifted its stake in Lucid Group by 4.7% during the 3rd quarter. DnB Asset Management AS now owns 139,913 shares of the company’s stock valued at $782,000 after acquiring an additional 6,229 shares during the period. Naples Global Advisors LLC bought a new position in Lucid Group during the 3rd quarter valued at about $287,000. Finally, Newbridge Financial Services Group Inc. increased its position in shares of Lucid Group by 24.3% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 19,443 shares of the company’s stock valued at $109,000 after purchasing an additional 3,803 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Trading Up 5.9 %

Shares of LCID opened at $2.52 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. Lucid Group, Inc. has a 1 year low of $2.29 and a 1 year high of $8.37. The company has a 50 day simple moving average of $2.92 and a two-hundred day simple moving average of $3.64. The firm has a market cap of $5.80 billion, a P/E ratio of -1.80 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. During the same period last year, the business earned ($0.40) earnings per share. The company’s quarterly revenue was down 39.0% compared to the same quarter last year. On average, equities analysts expect that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on LCID shares. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Robert W. Baird reduced their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Bank of America reduced their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Citigroup reaffirmed a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday. Finally, Stifel Nicolaus reduced their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus price target of $4.34.

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.