94,487 Shares in Lucid Group, Inc. $LCID Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new stake in Lucid Group, Inc. (NASDAQ:LCID) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 94,487 shares of the company’s stock, valued at approximately $2,248,000.

Several other hedge funds also recently added to or reduced their stakes in LCID. Valeo Financial Advisors LLC lifted its position in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares during the last quarter. Amalgamated Bank grew its position in shares of Lucid Group by 9.3% in the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after acquiring an additional 4,720 shares in the last quarter. Heritage Wealth Advisors increased its holdings in shares of Lucid Group by 43.5% in the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock valued at $35,000 after acquiring an additional 5,000 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Lucid Group by 13.8% during the second quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock worth $87,000 after purchasing an additional 5,013 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on LCID. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, Lucid Group presently has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Price Performance

Shares of NASDAQ:LCID opened at $10.91 on Thursday. The firm’s 50 day moving average is $11.76 and its two-hundred day moving average is $17.94. The firm has a market capitalization of $3.54 billion, a P/E ratio of -1.02 and a beta of 0.89. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. Lucid Group, Inc. has a 52 week low of $9.50 and a 52 week high of $35.90.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s quarterly revenue was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.76) earnings per share. Analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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.