Raymond James Financial Inc. Makes New $780,000 Investment in Lucid Group, Inc. (NASDAQ:LCID)

Raymond James Financial Inc. bought a new position in Lucid Group, Inc. (NASDAQ:LCID - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 258,416 shares of the company's stock, valued at approximately $780,000.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the period. Geode Capital Management LLC raised its holdings in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock worth $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC boosted its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 29.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company's stock valued at $19,919,000 after purchasing an additional 1,499,034 shares during the period. Finally, Norges Bank purchased a new position in shares of Lucid Group during the 4th quarter valued at approximately $9,446,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Analyst Ratings Changes

LCID has been the subject of a number of recent research reports. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research report on Tuesday, March 18th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday. Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Down 3.2 %

Shares of Lucid Group stock traded down $0.08 on Wednesday, reaching $2.26. The company had a trading volume of 136,031,623 shares, compared to its average volume of 65,243,019. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market cap of $6.84 billion, a PE ratio of -1.68 and a beta of 0.88. The firm's 50 day moving average price is $2.35 and its two-hundred day moving average price is $2.55. Lucid Group, Inc. has a 52-week low of $1.93 and a 52-week high of $4.43.

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