Creative Planning Sells 93,623 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Creative Planning trimmed its holdings in shares of Lucid Group, Inc. (NASDAQ:LCID) by 39.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,192 shares of the company’s stock after selling 93,623 shares during the quarter. Creative Planning’s holdings in Lucid Group were worth $379,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Lucid Group by 42.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock valued at $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock worth $7,000,000 after buying an additional 581,082 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock worth $1,493,000 after buying an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Lucid Group by 226.4% in the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after buying an additional 301,349 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Eric Bach sold 89,959 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were 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 approximately $6,368,761.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 61.26% of the company’s stock.

Lucid Group Stock Up 0.3 %

Lucid Group stock opened at $3.28 on Thursday. The firm has a 50 day moving average price of $3.55 and a 200 day moving average price of $3.10. The company has a market capitalization of $7.57 billion, a PE ratio of -2.58 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. Lucid Group, Inc. has a fifty-two week low of $2.29 and a fifty-two week high of $5.31.

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

Wall Street Analysts Forecast Growth

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

About Lucid Group

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.