MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 404,433 Shares of Lucid Group, Inc. (NASDAQ:LCID)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,365,271 shares of the company's stock after selling 404,433 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.31% of Lucid Group worth $28,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of LCID. Raymond James Financial Inc. bought a new position in Lucid Group during the fourth quarter worth about $780,000. XTX Topco Ltd boosted its stake in shares of Lucid Group by 395.7% during the 4th quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after acquiring an additional 677,846 shares during the period. Norges Bank acquired a new position in shares of Lucid Group during the 4th quarter worth approximately $9,446,000. Nisa Investment Advisors LLC increased its holdings in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after acquiring an additional 249,500 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Institutional investors own 75.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LCID. TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective on the stock. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the company from $3.50 to $1.13 in a report on Monday, February 24th. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Cowen began coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Hold" and a consensus price target of $2.68.

Lucid Group Trading Up 4.2%

Shares of LCID stock opened at $2.76 on Thursday. The stock has a market cap of $8.37 billion, a P/E ratio of -2.06 and a beta of 0.88. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a 50 day simple moving average of $2.39 and a 200 day simple moving average of $2.55.

Lucid Group (NASDAQ:LCID - Get Free Report) last released 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 net margin of 406.63% and a negative return on equity of 74.67%. The company had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. The business's revenue was up 36.1% compared to the same quarter last year. On average, research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Lucid Group Company 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.

Want to see what other hedge funds are holding LCID? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lucid Group, Inc. (NASDAQ:LCID - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.