Lucid Group, Inc. $LCID Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lessened its stake in Lucid Group, Inc. (NASDAQ:LCID) by 91.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 70,802 shares of the company’s stock after selling 723,608 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Lucid Group were worth $1,684,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Valeo Financial Advisors LLC lifted its stake in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Kingsview Wealth Management LLC acquired a new stake in Lucid Group during the second quarter valued at $30,000. Brown Advisory Inc. increased its holdings in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after buying an additional 5,000 shares in the last quarter. Heritage Wealth Advisors raised its position in shares of Lucid Group by 43.5% in the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares during the period. Finally, Keynote Financial Services LLC acquired a new position in shares of Lucid Group in the second quarter worth about $35,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LCID. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Cantor Fitzgerald lowered their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $10.00 target price on shares of Lucid Group in a research note on Wednesday, February 25th. Finally, Benchmark reissued a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus price target of $19.71.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $10.11 on Wednesday. The stock has a market capitalization of $3.28 billion, a P/E ratio of -0.83 and a beta of 1.12. The business has a 50 day simple moving average of $10.63 and a two-hundred day simple moving average of $15.40. Lucid Group, Inc. has a 12 month low of $9.12 and a 12 month high of $33.70. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($3.08) EPS for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The firm had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative return on equity of 138.82% and a negative net margin of 207.87%.The firm’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. As a group, analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal 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.