Krane Funds Advisors LLC Sells 246,174 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Krane Funds Advisors LLC lowered its stake in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 31.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 536,135 shares of the company's stock after selling 246,174 shares during the period. Lucid Group accounts for 0.0% of Krane Funds Advisors LLC's portfolio, making the stock its 28th largest position. Krane Funds Advisors LLC's holdings in Lucid Group were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vontobel Holding Ltd. increased its holdings in shares of Lucid Group by 119.5% in the first quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock valued at $1,289,000 after purchasing an additional 289,880 shares in the last quarter. Prakash Investment Advisors LLC grew its holdings in Lucid Group by 32.0% during the 1st quarter. Prakash Investment Advisors LLC now owns 40,040 shares of the company's stock worth $97,000 after acquiring an additional 9,710 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Lucid Group by 4.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 209,406 shares of the company's stock worth $486,000 after acquiring an additional 9,432 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Lucid Group by 16.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 120,628 shares of the company's stock worth $292,000 after acquiring an additional 17,370 shares during the period. Finally, HBK Sorce Advisory LLC acquired a new stake in Lucid Group during the 1st quarter worth $32,000. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Price Performance

Lucid Group stock traded up $0.11 during mid-day trading on Friday, reaching $2.16. The company had a trading volume of 211,394,699 shares, compared to its average volume of 84,295,190. The company has a market cap of $6.57 billion, a P/E ratio of -1.78 and a beta of 0.78. The business has a fifty day simple moving average of $2.36 and a 200 day simple moving average of $2.57. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same period in the prior year, the business earned ($0.27) EPS. Lucid Group's quarterly revenue was up 36.1% on a year-over-year basis. On average, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on LCID. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Benchmark reaffirmed a "buy" rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Finally, Robert W. Baird lifted their target price on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Monday, April 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.