Alps Advisors Inc. Has $4.56 Million Holdings in Lucid Group, Inc. $LCID

Alps Advisors Inc. trimmed its position in Lucid Group, Inc. (NASDAQ:LCID) by 90.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 191,718 shares of the company’s stock after selling 1,887,506 shares during the period. Alps Advisors Inc.’s holdings in Lucid Group were worth $4,561,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. AlphaQuest LLC acquired a new position in shares of Lucid Group during the 3rd quarter valued at $575,000. Y Intercept Hong Kong Ltd purchased a new position in Lucid Group during the third quarter worth about $2,248,000. Lecap Asset Management Ltd. bought a new position in Lucid Group in the 3rd quarter valued at $780,000. Sapient Capital LLC purchased a new stake in shares of Lucid Group during the 3rd quarter valued at approximately $287,000. Finally, Johnson & White Wealth Management LLC purchased a new stake in Lucid Group in the 3rd quarter worth approximately $238,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Up 2.1%

Lucid Group stock opened at $11.09 on Tuesday. The business has a 50 day simple moving average of $11.40 and a 200-day simple moving average of $17.10. Lucid Group, Inc. has a 12 month low of $9.50 and a 12 month high of $35.90. The stock has a market capitalization of $3.60 billion, a PE ratio of -1.04 and a beta of 1.16. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a report on Tuesday, January 6th. Royal Bank Of Canada dropped their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Profile

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.