Amalgamated Bank Sells 49,741 Shares of Lucid Group, Inc. $LCID

Amalgamated Bank lowered its position in Lucid Group, Inc. (NASDAQ:LCID) by 89.9% during the 3rd quarter, Holdings Channel reports. The fund owned 5,609 shares of the company’s stock after selling 49,741 shares during the period. Amalgamated Bank’s holdings in Lucid Group were worth $133,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LCID. Johnson & White Wealth Management LLC acquired a new position in shares of Lucid Group during the third quarter worth approximately $238,000. Sapient Capital LLC acquired a new stake in Lucid Group in the 3rd quarter valued at $287,000. Valeo Financial Advisors LLC increased its stake in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares in the last quarter. Tyche Wealth Partners LLC acquired a new position in Lucid Group during the second quarter worth $26,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Lucid Group during the second quarter worth $29,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LCID shares. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a report on Tuesday, January 6th. Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Up 3.8%

LCID stock opened at $11.33 on Friday. The stock’s fifty day simple moving average is $11.75 and its two-hundred day simple moving average is $17.85. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. Lucid Group, Inc. has a 1-year low of $9.50 and a 1-year high of $35.90. The stock has a market cap of $3.67 billion, a P/E ratio of -1.06 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last released 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). The business had revenue of $336.58 million for the quarter, compared to the consensus estimate of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($2.76) earnings per share. Analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Lucid Group Company 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.