Sandia Investment Management LP Takes Position in Lucid Group, Inc. (NASDAQ:LCID)

Sandia Investment Management LP purchased a new stake in Lucid Group, Inc. (NASDAQ:LCID) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 40,000 shares of the company’s stock, valued at approximately $121,000.

A number of other hedge funds also recently made changes to their positions in the stock. Shay Capital LLC boosted its stake in shares of Lucid Group by 17.8% in the 4th quarter. Shay Capital LLC now owns 33,693 shares of the company’s stock valued at $102,000 after purchasing an additional 5,100 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Lucid Group by 27.7% during the 4th quarter. Nuveen Asset Management LLC now owns 3,243,463 shares of the company’s stock worth $9,795,000 after buying an additional 703,811 shares during the period. Lazard Asset Management LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $224,000. Janus Henderson Group PLC boosted its position in Lucid Group by 6.2% during the 4th quarter. Janus Henderson Group PLC now owns 434,300 shares of the company’s stock worth $1,314,000 after buying an additional 25,200 shares during the period. Finally, Guardian Wealth Advisors LLC NC acquired a new stake in Lucid Group during the 4th quarter worth approximately $91,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LCID shares. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. TD Cowen started coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Cowen started coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average target price of $2.68.

Lucid Group Trading Up 5.6%

Shares of NASDAQ:LCID opened at $2.84 on Friday. The stock has a 50 day moving average of $2.42 and a 200 day moving average of $2.55. The company has a market cap of $8.61 billion, a PE ratio of -2.12 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43.

Lucid Group (NASDAQ:LCID) last released its quarterly 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). Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The company had revenue of $235.05 million for the quarter, compared to analysts’ expectations of $250.50 million. During the same quarter in the previous year, the company posted ($0.27) EPS. The business’s quarterly revenue was up 36.1% on a year-over-year basis. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current 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.