Lucid Group, Inc. $LCID Shares Sold by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV reduced its position in Lucid Group, Inc. (NASDAQ:LCID) by 84.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,335 shares of the company’s stock after selling 58,222 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Lucid Group were worth $246,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Valeo Financial Advisors LLC grew its stake in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares during the last quarter. Amalgamated Bank grew its stake in shares of Lucid Group by 9.3% during the second quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after acquiring an additional 4,720 shares during the last quarter. Heritage Wealth Advisors grew its stake in shares of Lucid Group by 43.5% during the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Lucid Group by 13.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock valued at $87,000 after purchasing an additional 5,013 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on LCID. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $10.00 in a report on Monday, December 8th. Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Finally, Royal Bank Of Canada lowered their price target on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Trading Up 2.1%

NASDAQ LCID opened at $11.09 on Tuesday. Lucid Group, Inc. has a 1 year low of $9.50 and a 1 year high of $35.90. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a market capitalization of $3.60 billion, a PE ratio of -1.04 and a beta of 1.16. The company has a fifty day moving average of $11.40 and a 200 day moving average of $17.10.

About Lucid Group

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.