Sequoia Financial Advisors LLC Acquires 92,225 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Sequoia Financial Advisors LLC lifted its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 835.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 103,258 shares of the company’s stock after purchasing an additional 92,225 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Lucid Group were worth $312,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group during the 4th quarter worth approximately $28,000. Proficio Capital Partners LLC bought a new position in shares of Lucid Group during the 4th quarter worth approximately $31,000. First National Corp MA ADV bought a new position in shares of Lucid Group during the 4th quarter worth approximately $32,000. Yousif Capital Management LLC bought a new position in shares of Lucid Group during the 4th quarter worth approximately $32,000. Finally, Citizens Financial Group Inc. RI bought a new position in shares of Lucid Group during the 4th quarter worth approximately $32,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Price Performance

Lucid Group stock opened at $2.44 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. Lucid Group, Inc. has a 52 week low of $1.93 and a 52 week high of $4.43. The stock has a market capitalization of $7.40 billion, a P/E ratio of -1.82 and a beta of 0.97. The stock has a fifty day moving average of $2.70 and a 200-day moving average of $2.82.

Wall Street Analyst Weigh In

Several analysts recently issued reports on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Wednesday, February 26th. Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Finally, TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price target for the company. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.69.

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.