Praxis Investment Management Inc. Sells 7,420 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Praxis Investment Management Inc. decreased its position in Lucid Group, Inc. (NASDAQ:LCID) by 14.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,510 shares of the company’s stock after selling 7,420 shares during the quarter. Praxis Investment Management Inc.’s holdings in Lucid Group were worth $103,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Public Investment Fund grew its stake in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after acquiring an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

Lucid Group Trading Down 1.4%

Shares of Lucid Group stock opened at $2.16 on Tuesday. Lucid Group, Inc. has a 12-month low of $1.93 and a 12-month high of $4.43. The company has a market cap of $6.59 billion, a price-to-earnings ratio of -1.79 and a beta of 0.81. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average price is $2.41 and its 200-day moving average price is $2.59.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results 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). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million during the quarter, compared to analysts’ expectations of $250.50 million. During the same period in the previous year, the company posted ($0.27) earnings per share. The company’s quarterly revenue was up 36.1% compared to the same quarter last year. On average, equities analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LCID. Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Cowen began coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. TD Cowen began coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Finally, Robert W. Baird upped their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.68.

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.