Forum Financial Management LP Reduces Stock Holdings in Lucid Group, Inc. $LCID

Forum Financial Management LP lessened its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 90.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 31,283 shares of the company’s stock after selling 280,084 shares during the quarter. Forum Financial Management LP’s holdings in Lucid Group were worth $744,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after acquiring an additional 11,252 shares during the period. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Stock Down 0.6%

NASDAQ:LCID opened at $11.26 on Tuesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. Lucid Group, Inc. has a 1-year low of $10.45 and a 1-year high of $35.90. The company has a 50-day moving average of $12.94 and a 200 day moving average of $18.84. The firm has a market cap of $3.65 billion, a PE ratio of -1.05 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period last year, the business posted ($2.76) EPS. The company’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on LCID. Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $19.54.

Lucid Group Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.