Ballentine Partners LLC Makes New $48,000 Investment in Lucid Group, Inc. (NASDAQ:LCID)

Ballentine Partners LLC bought a new position in Lucid Group, Inc. (NASDAQ:LCID) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,288 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alps Advisors Inc. increased its stake in Lucid Group by 19.8% in the third quarter. Alps Advisors Inc. now owns 3,301,011 shares of the company’s stock worth $18,453,000 after purchasing an additional 546,676 shares during the period. Bank of New York Mellon Corp increased its stake in Lucid Group by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 4,215,104 shares of the company’s stock worth $23,562,000 after purchasing an additional 410,025 shares during the period. Fulton Bank N.A. increased its stake in Lucid Group by 46.5% in the fourth quarter. Fulton Bank N.A. now owns 63,511 shares of the company’s stock worth $267,000 after purchasing an additional 20,168 shares during the period. Invesco Ltd. increased its stake in Lucid Group by 41.8% in the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the period. Finally, Banque Pictet & Cie SA purchased a new position in shares of Lucid Group during the third quarter valued at $544,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Price Performance

Shares of LCID stock opened at $2.70 on Wednesday. Lucid Group, Inc. has a 1-year low of $2.54 and a 1-year high of $8.87. The stock’s 50-day moving average is $3.11 and its 200 day moving average is $3.84. The company has a market cap of $6.21 billion, a P/E ratio of -1.93 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million during the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. Lucid Group’s revenue was down 39.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.40) EPS. Research analysts predict that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LCID has been the topic of several research reports. Robert W. Baird cut their price target on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Stifel Nicolaus cut their price target on Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, February 26th. Bank of America cut their price target on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and cut their price target for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research note on Monday, March 25th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of “Hold” and an average price target of $4.80.

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.