Dimensional Fund Advisors LP Sells 605,329 Shares of Lucid Group, Inc. $LCID

Key Points

• Dimensional Fund Advisors cut its Lucid Group stake by 38.8% in the first quarter, selling 605,329 shares and retaining 955,542 shares worth about $9.1 million.
• Institutional ownership remains high at 75.17%, with firms including Goldman Sachs, Vanguard, BNP Paribas and Mirae Asset increasing their positions.
• Analyst sentiment is largely cautious: Lucid has an average “Reduce” rating and a consensus price target of $9.56, while the stock recently opened at $7.04.

Dimensional Fund Advisors LP reduced its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 38.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 955,542 shares of the company's stock after selling 605,329 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.29% of Lucid Group worth $9,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in LCID. Uber Technologies Inc bought a new position in Lucid Group during the third quarter worth about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock worth $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock worth $127,488,000 after acquiring an additional 701,826 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock worth $9,465,000 after acquiring an additional 2,167,882 shares during the period. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Stock Performance

NASDAQ LCID opened at $7.04 on Monday. The company has a 50-day simple moving average of $6.14 and a two-hundred day simple moving average of $7.87. Lucid Group, Inc. has a 12-month low of $2.37 and a 12-month high of $25.23. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of -0.51 and a beta of 0.83. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on LCID shares. Morgan Stanley set a $5.00 price objective on Lucid Group in a research note on Wednesday, May 6th. Citigroup reaffirmed a "buy" rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Zacks Research lowered shares of Lucid Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Evercore set a $6.00 target price on Lucid Group in a research note on Monday, May 11th. Finally, Benchmark lowered shares of Lucid Group from a "buy" rating to a "hold" rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Lucid Group presently has an average rating of "Reduce" and an average price target of $9.56.

Lucid Group Company 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.

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