Wedmont Private Capital Increases Stock Position in Lucid Group, Inc. (NASDAQ:LCID)

Wedmont Private Capital increased its position in Lucid Group, Inc. (NASDAQ:LCID) by 128.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 64,013 shares of the company’s stock after buying an additional 35,962 shares during the quarter. Wedmont Private Capital’s holdings in Lucid Group were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co raised its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock worth $36,000 after purchasing an additional 3,549 shares during the period. Principal Financial Group Inc. raised its holdings in Lucid Group by 6.0% in the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after buying an additional 3,715 shares during the period. Heritage Wealth Advisors lifted its position in Lucid Group by 53.3% during the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after buying an additional 4,000 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in Lucid Group by 5.5% during the first quarter. First Trust Direct Indexing L.P. now owns 82,922 shares of the company’s stock worth $236,000 after buying an additional 4,350 shares during the period. Finally, Amalgamated Bank increased its position in shares of Lucid Group by 12.5% in the second quarter. Amalgamated Bank now owns 47,916 shares of the company’s stock worth $125,000 after acquiring an additional 5,337 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Stock Up 2.1 %

LCID stock opened at $3.40 on Monday. The company has a current ratio of 3.96, a quick ratio of 3.45 and a debt-to-equity ratio of 0.59. The firm has a 50 day simple moving average of $3.53 and a 200-day simple moving average of $3.10. The company has a market capitalization of $7.84 billion, a P/E ratio of -2.68 and a beta of 1.04. Lucid Group, Inc. has a twelve month low of $2.29 and a twelve month high of $5.38.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million for the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative return on equity of 55.35% and a negative net margin of 390.39%. Lucid Group’s revenue was up 32.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.40) earnings per share. On average, equities research analysts predict that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Lucid Group

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 61.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.71.

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.