Ballentine Partners LLC Increases Stock Holdings in Lucid Group, Inc. (NASDAQ:LCID)

Ballentine Partners LLC raised its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 154.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 28,693 shares of the company’s stock after acquiring an additional 17,405 shares during the quarter. Ballentine Partners LLC’s holdings in Lucid Group were worth $82,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Wedmont Private Capital purchased a new position in Lucid Group in the 1st quarter worth approximately $136,000. HighPoint Advisor Group LLC acquired a new position in shares of Lucid Group in the fourth quarter valued at approximately $46,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Lucid Group by 24.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,706,434 shares of the company’s stock worth $7,184,000 after acquiring an additional 334,923 shares in the last quarter. Vanguard Group Inc. grew its stake in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in shares of Lucid Group by 2.0% during the fourth quarter. Royal London Asset Management Ltd. now owns 290,103 shares of the company’s stock worth $1,221,000 after buying an additional 5,627 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on LCID. Stifel Nicolaus lowered their price target on shares of Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, May 7th. Citigroup reaffirmed a “neutral” rating and set a $2.90 price objective on shares of Lucid Group in a research report on Monday, April 22nd. Finally, Morgan Stanley reissued an “underweight” rating and set a $3.00 target price on shares of Lucid Group in a research report on Monday, March 25th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.24.

Lucid Group Price Performance

LCID stock opened at $2.67 on Friday. The business has a 50 day simple moving average of $2.69 and a 200-day simple moving average of $3.10. Lucid Group, Inc. has a twelve month low of $2.29 and a twelve month high of $8.37. The company has a market capitalization of $6.16 billion, a P/E ratio of -2.10 and a beta of 1.06. The company has a current ratio of 4.66, a quick ratio of 4.12 and a debt-to-equity ratio of 0.49.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million for the quarter, compared to analyst estimates of $173.54 million. During the same period in the prior year, the business earned ($0.43) earnings per share. Lucid Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.16 EPS for the current year.

Lucid Group Company 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.