Lucid Group, Inc. (NASDAQ:LCID) Shares Sold by Krane Funds Advisors LLC

Krane Funds Advisors LLC decreased its stake in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 31.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 536,135 shares of the company's stock after selling 246,174 shares during the period. Lucid Group makes up 0.0% of Krane Funds Advisors LLC's portfolio, making the stock its 28th biggest 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).

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Lucid Group by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company's stock valued at $8,935,000 after purchasing an additional 85,370 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $31,000. SBI Securities Co. Ltd. purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $342,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after buying an additional 1,499,034 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Lucid Group by 31.6% during the 4th quarter. Victory Capital Management Inc. now owns 144,451 shares of the company's stock valued at $436,000 after buying an additional 34,705 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Stock Performance

Shares of Lucid Group stock traded up $0.11 on Friday, reaching $2.16. 211,394,699 shares of the company were exchanged, compared to its average volume of 84,058,531. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The company's 50-day moving average is $2.37 and its two-hundred day moving average is $2.57. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of -1.78 and a beta of 0.78. Lucid Group, Inc. has a 1-year low of $1.93 and a 1-year high of $4.43.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly 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). The company had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.27) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Benchmark reiterated a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. TD Cowen started coverage on Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Morgan Stanley raised Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Finally, Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $2.68.

About Lucid Group

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.