Forum Financial Management LP Sells 280,084 Shares of Lucid Group, Inc. $LCID

Key Points

• Forum Financial Management LP slashed its Lucid stake by 90%, selling 280,084 shares in Q3 and leaving 31,283 shares worth about $744,000.
• Lucid missed quarterly expectations, reporting ($2.65) EPS versus ($2.32) expected and revenue of $336.6M (below the $378.4M estimate), while showing a very negative net margin and return on equity.
• Analyst sentiment has weakened with several downgrades and lower targets (e.g., Morgan Stanley to "underweight" with a $10 target), and MarketBeat’s consensus rating is "Reduce" with a $19.54 price target.

Forum Financial Management LP lowered its holdings in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 90.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,283 shares of the company's stock after selling 280,084 shares during the quarter. Forum Financial Management LP's holdings in Lucid Group were worth $744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Lecap Asset Management Ltd. purchased a new position in Lucid Group in the 3rd quarter worth about $780,000. Sapient Capital LLC purchased a new position in shares of Lucid Group during the third quarter valued at approximately $287,000. Johnson & White Wealth Management LLC bought a new position in Lucid Group during the third quarter valued at approximately $238,000. Corient Private Wealth LLC lifted its position in Lucid Group by 48.1% during the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock valued at $265,000 after purchasing an additional 40,873 shares during the period. Finally, Valeo Financial Advisors LLC boosted its holdings in Lucid Group by 9.7% in 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. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Stock Down 0.6%

Shares of LCID stock opened at $11.26 on Tuesday. The stock has a market cap of $3.65 billion, a P/E ratio of -1.05 and a beta of 0.89. The company's fifty day simple moving average is $12.94 and its two-hundred day simple moving average is $18.84. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. Lucid Group, Inc. has a 52 week low of $10.45 and a 52 week high of $35.90.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. During the same quarter last year, the business earned ($2.76) EPS. Lucid Group's revenue for the quarter was up 68.3% compared to the same quarter last year. Analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LCID. Stifel Nicolaus lowered their price target on Lucid Group from $21.00 to $17.00 and set a "hold" rating on the stock in a report on Monday, November 17th. Morgan Stanley downgraded Lucid Group from a "buy" rating to an "underweight" rating and lowered their target price for the company from $30.00 to $10.00 in a report on Monday, December 8th. Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $19.54.

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.

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