Handelsbanken Fonder AB Lowers Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Handelsbanken Fonder AB cut its holdings in Lucid Group, Inc. (NASDAQ:LCID - Free Report) by 93.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,703 shares of the company's stock after selling 434,942 shares during the quarter. Handelsbanken Fonder AB's holdings in Lucid Group were worth $121,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of LCID. Alps Advisors Inc. raised its holdings in Lucid Group by 19.8% in the 3rd quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company's stock worth $18,453,000 after acquiring an additional 546,676 shares during the period. Bank of New York Mellon Corp raised its position in Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company's stock worth $23,562,000 after purchasing an additional 410,025 shares in the last quarter. Fulton Bank N.A. raised its holdings in shares of Lucid Group by 46.5% in the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company's stock worth $267,000 after buying an additional 20,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 acquiring an additional 1,060,588 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Lucid Group by 41.8% in the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company's stock valued at $33,466,000 after purchasing an additional 1,763,443 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus dropped their target price on shares of Lucid Group from $5.00 to $4.00 and set a "hold" rating for the company in a research report on Monday, February 26th. Cantor Fitzgerald downgraded Lucid Group from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird dropped their price target on Lucid Group from $6.00 to $4.00 and set a "neutral" rating for the company in a report on Thursday, February 22nd. Citigroup restated a "neutral" rating and issued a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Bank of America lowered their price target on shares of Lucid Group from $7.00 to $4.50 and set a "neutral" rating for the company in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $4.34.

Lucid Group Trading Up 0.2 %

Shares of LCID stock traded up $0.01 on Friday, reaching $2.79. The company had a trading volume of 17,083,278 shares, compared to its average volume of 19,646,904. The stock has a market cap of $6.41 billion, a PE ratio of -1.99 and a beta of 1.04. The company has a 50-day moving average of $2.77 and a 200-day moving average of $3.51. The company has a current ratio of 4.72, a quick ratio of 4.03 and a debt-to-equity ratio of 0.43. Lucid Group, Inc. has a 12 month low of $2.29 and a 12 month high of $8.37.

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

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.