Balentine LLC Acquires 11,451 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Balentine LLC raised its position in Lucid Group, Inc. (NASDAQ:LCID) by 87.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 24,535 shares of the company’s stock after acquiring an additional 11,451 shares during the period. Balentine LLC’s holdings in Lucid Group were worth $103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in LCID. GAMMA Investing LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at $28,000. UniSuper Management Pty Ltd raised its stake in shares of Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after purchasing an additional 3,700 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of Lucid Group during the 3rd quarter valued at $38,000. Tyche Wealth Partners LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at $43,000. Finally, MGO Private Wealth LLC purchased a new position in Lucid Group during the fourth quarter worth about $43,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Performance

Lucid Group stock opened at $2.72 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The stock’s 50 day moving average is $2.70 and its 200 day moving average is $3.37. Lucid Group, Inc. has a twelve month low of $2.29 and a twelve month high of $8.37.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $172.74 million during the quarter, compared to analysts’ expectations of $173.54 million. Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.43) EPS. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Stifel Nicolaus lowered their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Robert W. Baird lowered their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, 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. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.24.

About Lucid Group

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.