Wealthfront Advisers LLC Sells 238,745 Shares of Lucid Group, Inc. $LCID

Wealthfront Advisers LLC trimmed its stake in Lucid Group, Inc. (NASDAQ:LCID) by 89.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 26,994 shares of the company’s stock after selling 238,745 shares during the period. Wealthfront Advisers LLC’s holdings in Lucid Group were worth $642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Lucid Group by 9.5% in the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after buying an additional 9,578 shares during the period. AQR Capital Management LLC raised its holdings in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after acquiring an additional 254,551 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Royal Bank Of Canada cut their target price on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Stifel Nicolaus decreased their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Stock Up 3.6%

Shares of NASDAQ LCID opened at $10.28 on Monday. The stock has a market cap of $3.33 billion, a PE ratio of -0.96 and a beta of 1.16. The business has a fifty day moving average of $11.14 and a two-hundred day moving average of $16.55. Lucid Group, Inc. has a 52-week low of $9.50 and a 52-week high of $35.90. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.