Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lowered its position in shares of Lucid Group, Inc. (NASDAQ:LCID) by 16.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 162,846 shares of the company’s stock after selling 32,568 shares during the quarter. Cresset Asset Management LLC’s holdings in Lucid Group were worth $492,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the 4th quarter valued at $28,000. Accredited Investors Inc. acquired a new position in shares of Lucid Group in the 4th quarter valued at $30,000. Proficio Capital Partners LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $31,000. DRW Securities LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $31,000. Finally, First National Corp MA ADV acquired a new position in shares of Lucid Group in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on LCID shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 target price on the stock. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Robert W. Baird raised their target price on shares of Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a research note on Monday, April 21st. Finally, Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.68.

Lucid Group Stock Performance

Lucid Group stock opened at $2.76 on Thursday. The firm’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.55. The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of -2.06 and a beta of 0.88. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share 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 the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. Lucid Group’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.27) EPS. On average, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal 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.