Azzad Asset Management Inc. ADV Takes $151,000 Position in Lucid Group, Inc. (NASDAQ:LCID)

Azzad Asset Management Inc. ADV acquired a new position in shares of Lucid Group, Inc. (NASDAQ:LCID) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,457 shares of the company’s stock, valued at approximately $151,000.

Several other large investors also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Lucid Group by 43.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock worth $43,000 after buying an additional 4,296 shares during the period. Sei Investments Co. increased its position in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after buying an additional 4,431 shares during the period. Voya Investment Management LLC increased its position in shares of Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after buying an additional 4,591 shares during the period. Alpine Global Management LLC increased its position in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after buying an additional 4,653 shares during the period. Finally, Arizona State Retirement System increased its position in shares of Lucid Group by 1.9% during the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock worth $818,000 after buying an additional 5,022 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent analyst reports. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average target price of $2.68.

Lucid Group Stock Down 2.8%

Shares of NASDAQ LCID opened at $2.10 on Monday. The stock has a market capitalization of $6.41 billion, a P/E ratio of -1.57 and a beta of 0.81. The company has a 50-day moving average price of $2.45 and a 200-day moving average price of $2.59. Lucid Group, Inc. has a 1 year low of $1.93 and a 1 year high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. The firm’s quarterly revenue was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) earnings per share. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Lucid Group Company 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.