Tobam Sells 1,009,301 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Tobam trimmed its stake in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 98.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 14,668 shares of the company's stock after selling 1,009,301 shares during the quarter. Tobam's holdings in Lucid Group were worth $62,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Lucid Group by 1.2% during the third quarter. Vanguard Group Inc. now owns 74,075,588 shares of the company's stock valued at $414,083,000 after purchasing an additional 913,415 shares in the last quarter. BlackRock Inc. raised its stake in shares of Lucid Group by 32.0% during the second quarter. BlackRock Inc. now owns 45,330,425 shares of the company's stock valued at $312,327,000 after purchasing an additional 10,991,369 shares in the last quarter. State Street Corp raised its stake in shares of Lucid Group by 35.1% during the second quarter. State Street Corp now owns 16,047,532 shares of the company's stock valued at $110,567,000 after purchasing an additional 4,171,066 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company's stock valued at $48,109,000 after purchasing an additional 1,060,588 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Trading Down 0.4 %

LCID traded down $0.01 during trading on Friday, reaching $2.49. The company had a trading volume of 18,452,684 shares, compared to its average volume of 35,977,910. The firm's 50-day simple moving average is $3.07 and its 200 day simple moving average is $3.82. The company has a market cap of $5.73 billion, a price-to-earnings ratio of -1.74 and a beta of 1.01. Lucid Group, Inc. has a 12-month low of $2.42 and a 12-month high of $8.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company had revenue of $157.20 million during the quarter, compared to analysts' expectations of $179.88 million. During the same period in the prior year, the business posted ($0.40) EPS. The company's revenue for the quarter was down 39.0% compared to the same quarter last year. Equities research analysts anticipate that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on LCID shares. Cantor Fitzgerald cut shares of Lucid Group from a "neutral" rating to an "underweight" rating and dropped their price target for the stock from $6.00 to $4.00 in a research report on Thursday, February 22nd. Bank of America dropped their price target on shares of Lucid Group from $7.00 to $4.50 and set a "neutral" rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a "neutral" rating on the stock in a research report on Thursday, February 22nd. Stifel Nicolaus dropped their price target on shares of Lucid Group from $5.00 to $4.00 and set a "hold" rating on the stock in a research report on Monday, February 26th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $4.80.

Lucid Group 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.