Wealthfront Advisers LLC Cuts Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Wealthfront Advisers LLC lowered its position in Lucid Group, Inc. (NASDAQ:LCID) by 88.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,144 shares of the company’s stock after selling 86,326 shares during the period. Wealthfront Advisers LLC’s holdings in Lucid Group were worth $34,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of LCID. Caprock Group LLC grew its position in shares of Lucid Group by 7.4% in the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company’s stock worth $671,000 after buying an additional 13,159 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after purchasing an additional 6,374 shares during the last quarter. FMR LLC grew its position in Lucid Group by 47.5% during the 3rd quarter. FMR LLC now owns 149,987 shares of the company’s stock worth $529,000 after purchasing an additional 48,304 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new stake in Lucid Group during the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Performance

LCID opened at $2.35 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a fifty day moving average price of $2.71 and a 200 day moving average price of $2.82. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The stock has a market cap of $7.12 billion, a P/E ratio of -1.75 and a beta of 0.97.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Stifel Nicolaus dropped their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.69.

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.