Sequoia Financial Advisors LLC Sells 102,578 Shares of Lucid Group, Inc. $LCID

Key Points

• Sequoia Financial Advisors sold 102,578 shares of Lucid in Q3, cutting its stake by 90.9% and leaving 10,252 shares worth about $244,000, while institutional investors still own roughly 75.17% of the company.
• Analysts have grown more negative on LCID — Morgan Stanley downgraded the stock from "buy" to "underweight" and cut its target from $30 to $10, and the consensus rating is "Reduce" with an average target of $18.92.
• Lucid reported a Q3 EPS loss of ($2.65) that missed estimates and revenue of $336.6M (below expectations), showing large negative margins; the stock trades near $11.33 with a market cap of about $3.67 billion.

Sequoia Financial Advisors LLC cut its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 90.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,252 shares of the company's stock after selling 102,578 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Lucid Group were worth $244,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Lecap Asset Management Ltd. acquired a new position in Lucid Group during the 3rd quarter worth approximately $780,000. Sapient Capital LLC bought a new stake in shares of Lucid Group in the third quarter worth $287,000. Johnson & White Wealth Management LLC acquired a new position in Lucid Group during the third quarter worth $238,000. Corient Private Wealth LLC grew its position in Lucid Group by 48.1% in 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 in the last quarter. Finally, Valeo Financial Advisors LLC increased its stake in Lucid Group by 9.7% in the 2nd 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. Institutional investors own 75.17% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on LCID. Morgan Stanley downgraded shares of Lucid Group from a "buy" rating to an "underweight" rating and reduced their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research report on Monday, December 29th. Cantor Fitzgerald restated an "overweight" rating on shares of Lucid Group in a research note on Wednesday, November 19th. Zacks Research cut Lucid Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada decreased their target price on shares of Lucid Group from $20.00 to $14.00 and set a "sector perform" rating for the company 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 stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $18.92.

Lucid Group Price Performance

NASDAQ:LCID opened at $11.33 on Friday. Lucid Group, Inc. has a 12-month low of $9.50 and a 12-month high of $35.90. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of -1.06 and a beta of 0.89. The stock's 50 day moving average price is $11.75 and its two-hundred day moving average price is $17.85. 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 (NASDAQ:LCID - Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts' consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the firm posted ($2.76) earnings per share. The firm's revenue was up 68.3% compared to the same quarter last year. On average, analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

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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