MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Position in Lucid Group, Inc. (NASDAQ:LCID)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its position in shares of Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 approximately 0.31% of Lucid Group worth $28,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group in the fourth quarter valued at about $28,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group during the fourth quarter worth $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group in the fourth quarter valued at about $31,000. DRW Securities LLC bought a new position in Lucid Group in the 4th quarter valued at approximately $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group in the fourth quarter worth $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Stock Performance

Shares of LCID stock traded down $0.21 during trading hours on Monday, hitting $2.64. 67,445,090 shares of the company were exchanged, compared to its average volume of 68,026,630. 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 firm has a fifty day simple moving average of $2.42 and a 200 day simple moving average of $2.56. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43. The stock has a market capitalization of $7.99 billion, a price-to-earnings ratio of -1.97 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The business's revenue for the quarter was up 36.1% on a year-over-year basis. During the same period last year, the firm earned ($0.27) EPS. Research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Bank of America cut Lucid Group from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Two equities research 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.com, Lucid Group currently has an average 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.