Wealthfront Advisers LLC Purchases 86,255 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Wealthfront Advisers LLC boosted its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 58.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 233,286 shares of the company's stock after acquiring an additional 86,255 shares during the quarter. Wealthfront Advisers LLC's holdings in Lucid Group were worth $565,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Sterling Investment Counsel LLC purchased a new position in Lucid Group in the 1st quarter valued at approximately $25,000. Grimes & Company Inc. bought a new stake in shares of Lucid Group in the 1st quarter worth approximately $27,000. Accredited Investors Inc. bought a new stake in Lucid Group during the 4th quarter valued at $30,000. Proficio Capital Partners LLC bought a new stake in Lucid Group during the fourth quarter worth approximately $31,000. Finally, DRW Securities LLC bought a new position in shares of Lucid Group in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on LCID. Robert W. Baird raised their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Down 4.1%

Lucid Group stock traded down $0.13 during midday trading on Thursday, hitting $2.96. 45,362,451 shares of the company were exchanged, compared to its average volume of 120,711,016. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The company has a market cap of $9.01 billion, a PE ratio of -2.45 and a beta of 0.78. Lucid Group, Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $4.43. The company's fifty day moving average price is $2.38 and its 200-day moving average price is $2.52.

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

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.