Lucid Group, Inc. $LCID Holdings Decreased by Wealthfront Advisers LLC

Wealthfront Advisers LLC reduced its holdings in Lucid Group, Inc. (NASDAQ:LCID) by 89.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,994 shares of the company’s stock after selling 238,745 shares during the period. Wealthfront Advisers LLC’s holdings in Lucid Group were worth $642,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of LCID. Rockefeller Capital Management L.P. boosted its position in Lucid Group by 11.1% during the second quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after purchasing an additional 34,116 shares during the last quarter. HBK Investments L P purchased a new stake in shares of Lucid Group during the 2nd quarter worth about $2,658,000. Highbridge Capital Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter worth about $3,245,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Lucid Group during the 3rd quarter valued at about $2,248,000. Finally, Marex Group plc bought a new stake in shares of Lucid Group in the 2nd quarter valued at approximately $7,613,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on LCID shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research note on Tuesday, January 6th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Finally, Stifel Nicolaus reduced their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Up 3.6%

LCID stock opened at $10.28 on Monday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -0.96 and a beta of 1.16. The company has a 50-day moving average of $11.14 and a two-hundred day moving average of $16.55. Lucid Group, Inc. has a 52-week low of $9.50 and a 52-week 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.

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.