Lucid Group, Inc. $LCID Holdings Cut by New York Life Investment Management LLC

Key Points

• New York Life Investment Management LLC cut its stake in Lucid by 90.7% in Q3, selling 120,622 shares and leaving it with 12,410 shares valued at about $295,000.
• Analysts have been downgrading the stock—most notably Morgan Stanley moved Lucid to "underweight" and cut its price target from $30 to $10—leaving a MarketBeat consensus rating of "Reduce" and a $18.92 average price target.
• Lucid shares recently traded around $10.28 (52-week range $9.50–$35.90) with a market cap of about $3.33 billion, a negative P/E, and roughly 75% institutional ownership.

New York Life Investment Management LLC cut its stake in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 90.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,410 shares of the company's stock after selling 120,622 shares during the quarter. New York Life Investment Management LLC's holdings in Lucid Group were worth $295,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Valeo Financial Advisors LLC lifted its stake in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after buying an additional 1,055 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in Lucid Group during the 2nd quarter valued at about $29,000. Kingsview Wealth Management LLC bought a new position in Lucid Group in the 2nd quarter worth about $30,000. Brown Advisory Inc. grew its position in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock worth $33,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Keynote Financial Services LLC acquired a new stake in shares of Lucid Group in the second quarter valued at approximately $35,000. Institutional investors own 75.17% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on LCID shares. Morgan Stanley lowered Lucid Group from a "buy" rating to an "underweight" rating and decreased their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, December 29th. Robert W. Baird set a $14.00 price target on Lucid Group in a report on Tuesday, January 6th. Stifel Nicolaus decreased their target price on shares of Lucid Group from $21.00 to $17.00 and set a "hold" rating for the company in a research report on Monday, November 17th. Finally, Royal Bank Of Canada lowered their target price on shares of Lucid Group from $20.00 to $14.00 and set a "sector perform" rating on the stock in a research note on Wednesday, January 14th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of "Reduce" and a consensus price target of $18.92.

Lucid Group Price Performance

Shares of Lucid Group stock opened at $10.28 on Friday. Lucid Group, Inc. has a 52 week low of $9.50 and a 52 week high of $35.90. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.33 billion, a PE ratio of -0.96 and a beta of 1.16. The company's 50-day moving average price is $11.14 and its two-hundred day moving average price is $16.55.

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.

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