Azzad Asset Management Inc. ADV Takes Position in Lucid Group, Inc. (NASDAQ:LCID)

Azzad Asset Management Inc. ADV purchased a new stake in shares of Lucid Group, Inc. (NASDAQ:LCID) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 31,757 shares of the company’s stock, valued at approximately $91,000.

Other institutional investors have also made changes to their positions in the company. Fulton Bank N.A. lifted its holdings in shares of Lucid Group by 46.5% during the 4th quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock valued at $267,000 after buying an additional 20,168 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Lucid Group by 10.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock worth $48,109,000 after purchasing an additional 1,060,588 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,728,829 shares of the company’s stock worth $11,488,000 after purchasing an additional 195,519 shares during the last quarter. Ieq Capital LLC acquired a new stake in Lucid Group in the 4th quarter worth approximately $105,000. Finally, Vanguard Group Inc. lifted its holdings in Lucid Group by 12.4% in 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 during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on LCID. Morgan Stanley restated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus reduced their target price on 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 report on Tuesday, May 7th. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $4.00 price target on shares of Lucid Group in a research report on Monday. Finally, Citigroup reaffirmed a “neutral” rating and issued a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $4.24.

Lucid Group Stock Performance

LCID opened at $2.95 on Thursday. The stock has a market cap of $6.81 billion, a PE ratio of -2.32 and a beta of 1.04. 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, Inc. has a 1 year low of $2.29 and a 1 year high of $8.37. The stock’s 50 day simple moving average is $2.71 and its 200-day simple moving average is $3.03.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $172.74 million for the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. Sell-side analysts forecast that Lucid Group, Inc. will post -1.16 EPS 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.